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Oil and gas revenues of Russian budget increase by 49.4% in 9 months

The ministry noted that such an increase in oil and gas revenues was mainly due to the rise in prices for Russian oil

MOSCOW, October 9. /TASS/. The federal Russian budget received 8.33 trillion rubles ($85.87 bln) in oil and gas revenues for January - September 2024, which is 49.4% more than the results for the same period last year. Meanwhile, non-oil and gas budget revenues for 8 months increased by 26.9% and amounted to 17.96 trillion rubles ($185.15 bln), the Ministry of Finance reported on its website.

The ministry noted that such an increase in oil and gas revenues was mainly due to the rise in prices for Russian oil. "The incoming oil and gas revenues were at a level exceeding their volume size and, in accordance with the parameters of the forecast of socio-economic development in the coming months, a steady excess of oil and gas revenues over their base level is also expected," the ministry said.

They also report that the dynamics of non-oil and gas tax revenues is ahead of the trajectory established when the budget law was drafted. "The non-oil and gas revenues of the federal budget amounted to 17,962 bln rubles and increased by 26.9% compared to the same period last year. Revenues from sales taxes, including VAT, increased by 15.5% in January-September and exceeded the planned level, which creates a stable base for further accelerated revenue growth," the report said.

The Ministry of Finance added that based on the updated parameters of the forecast of socio-economic development, the assessment of non-oil and gas revenues of the federal budget has been updated, within the limits of the amount of additional revenues, the Reserve Fund of the Russian Government has been increased.

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