Russian oil and gas revenues increased due to resistance to sanctions – Kommersant

Russia’s oil and gas revenues in February this year increased by more than 80% compared to the same period last year and exceeded $10 billion thanks to rising oil prices. As noted Bloombergthis demonstrates resistance to sanctions.

As before reported Ministry of Finance, revenues from fuel tax last month increased to 945.6 billion rubles. Oil taxes were calculated using the average price of Urals oil, the main export grade, at $65 a barrel, up from $50 a year ago. Revenues from oil and petroleum products exports, which accounted for 84% of total hydrocarbon revenues, more than doubled year on year.

As Bloomberg notes, Russia also paid 127.9 billion rubles in February. subsidies to oil refiners for sales of diesel fuel and gasoline on the domestic market. The payments, which typically reduce oil revenues, partially compensated refiners for the difference between motor fuel prices locally and abroad. In addition, this year Russia abolished export duties on oil, which is reflected in revenues starting in February. The successful policy of regulating the oil and gas sector, notes Bloomberg, contributed to the growth of budget revenues.

On January 15, the Ministry of Finance resumed the sale of foreign currency under the fiscal rule for the first time since August 2023. According to the budget rule, foreign currency is purchased if actual revenues from the sale of oil and gas for the month exceed the base level calculated by the Ministry of Finance. In January, 4.1 billion rubles were allocated for these purposes. daily. The Ministry of Finance also bought foreign currency from February 7 to March 6, allocating 3.7 billion rubles for these purposes. daily (total 73.2 billion rubles).

Read more about oil and gas revenues in January in material “Ъ”.