Russia increases oil and gas revenues by 82% in 2024

Russia achieved an 82.2% increase in its budget revenues from the oil and gas sectors between January and April 2024 compared to the same period last year, reaching 4.157 trillion rubles ($45.5 billion), the Russian Ministry of Finance reported.

The ministry attributed this result to the rise in Russian crude prices in the international market and to the tax changes implemented last February.

The ministry published the corresponding data prior to the execution of the federal budget on its Telegram account.

Finance added that revenues from non-oil and gas sectors amounted to 7.526 trillion rubles ($82.108 billion), while total revenues reached 11.684 trillion rubles ($127.472 billion).

Federal budget expenditures in the first four months of the year amounted to 13.168 trillion rubles ($143.662 billion).

"Thus, the execution of the federal budget is carried out in accordance with the parameters of the structural primary deficit established in the budget law," Finance stated.