The Ministry of Finance reported that oil and gas revenues for the federal budget of Russia reached 2.9 trillion rubles in the first quarter of 2024, marking a significant increase of 79.1% compared to the same period in 2023. This surge brings revenues back to pre-price cap and EU embargo levels seen in the first quarter of 2022, when they totaled 2.97 trillion rubles. According to Olga Belenkaya, head of the macroeconomic analysis department at ”Finam,” oil and gas revenues are nearing the record levels of 2022, achieved at a stronger exchange rate of 84.73 rub/$.
The rise in oil and gas revenues is attributed to high global oil prices, particularly for Russian Urals, as well as an additional payment received in February for the oil extraction tax for the fourth quarter of 2023. These unexpected receipts, exceeding budgeted amounts, will be partially allocated to the National Wealth Fund (NWF), which saw a significant decrease in its liquid assets last year. The Ministry of Finance is optimistic about continued excess revenue in the coming months.
Income unrelated to oil and gas also experienced substantial growth, reaching 5.8 trillion rubles, a 43% increase from 2023. This growth is mainly driven by turnover taxes, including VAT, and one-time non-tax revenues. Dmitry Kulikov, director of the sovereign and regional ratings group at ACRA, attributes the growth to an expanding taxable base in retail trade and paid services to the population.
Post from theins.ru
