Russia’s oil and gas revenues in rubles exceeded revenues in all previous years except one: the record year of 2022. On the one hand, the ruble was devalued. On the other hand, Russia’s oil and gas exports remain high and stable even under sanctions.
In January-October, the Russian budget received oil and gas revenues worth 9,539 trillion rubles. This is demonstrated by the statistics of the Ministry of Finance. The 10-month income exceeds not only the figures for the entire year 2023, but also those of all previous years, except for the record year of 2022. Then 11.586 trillion rubles were paid to the budget for the entire period.
The high figures are due, on the one hand, to the devaluation of the ruble. At the same time, Russian energy exports remain stable and taxes paid by companies remain high. October thus became one of the months with the highest income.
1.211 billion rubles were paid to the treasury. Of them, the mineral extraction tax (MET) accounted, as always, for the largest share: 908 billion rubles. The high income is explained by the scheduled payment of additional income tax (ATT), which amounts to 491.6 billion rubles. And also this year the lowest return for buffers paid by refineries is 106.6 billion rubles.
“The total deviation of oil and gas revenues actually received from the expected monthly volume of oil and gas revenues and the estimate of the base monthly volume of oil and gas revenues from the base monthly volume of oil and gas revenues at the end of October in 2024 amounted to -17.6 billion rubles,” reports the Russian Ministry of Finance.
“The October figure is impressive, but it is 25.9% lower than last month’s income, probably due to compensation payments to oil workers, when they received 106 billion rubles. The large income at the end of 10 months is explained by the high level of prices and the decrease in discounts and, of course, to a large extent by the depreciation of the ruble. However, the Ministry of Finance expects the situation in November, with revenues that will exceed forecasts by about 100 billion rubles.” — says the chief strategist of the investment company “Vector Capital” Maxim Judalov.
As reported EADaily The G7 and EU countries banned the import of Russian oil, except through the Druzhba pipeline, and set a third-country price limit for raw materials at $60 per barrel. Russian companies, for their part, managed to redirect lost volumes to new markets at the beginning of 2023. Mainly to India. After this, supplies began to recover. And income, for example, from oil exports is largely dependent on world prices rather than restrictions, the role of which has been reduced to increasing the costs of oil supplies from Russia.
