Oil and gas additional revenues of the budget of the Russian Federation in August turned out to be higher than expected

The actual volume of additional oil and gas revenues of the federal budget of Russia in August turned out to be higher than the Ministry of Finance’s estimate by 85.9 billion rubles, reported department press office.

“The total deviation of actually received oil and gas revenues from the expected monthly volume <...> according to the results of August 2022, amounted to 85.9 billion rubles,” the report says.

Thus, the total amount of funds for additional oil and gas revenues is 489.3 billion rubles. The Ministry of Finance predicted additional oil and gas revenues for August in the amount of 359.5 billion rubles.

At the end of August, President Vladimir Putin said that Russia’s oil and gas and non-oil and gas revenues are growing, despite Western sanctions against the country. According to the head of state, this indicates the stabilization of economic indicators “at this point in time.” At the same time, Putin stressed that Russia “understands the risks” and sees them in the medium term.

After the start of the special operation in Ukraine, Western countries imposed large-scale sanctions against Russia. In Europe, it was noted that the purpose of the sanctions, among other things, is to weaken the Russian economy. In particular, the United States imposed a ban on the supply of oil, gas and other energy resources from Russia. Canada also banned the import of petroleum products from Russia. The decision to abandon Russian energy carriers was also made in Australia.

In addition, the UK authorities announced plans to gradually stop importing Russian oil by the end of 2022, and then stop buying liquefied natural gas (LNG) from Russia as soon as possible. In early June, the EU imposed a partial embargo on Russian oil, and on August 10, an embargo on the purchase of coal from Russia began to operate.

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