According to the results of April 2024, revenues to the Russian budget from oil taxes showed a sharp increase, despite international sanctions and the “price ceiling” on Russian raw materials. This was reported by Bloomberg agency.
According to Bloomberg, Russian budget revenues from taxes related to oil sales jumped to 1.053 trillion rubles ($11.5 billion) in April, up from nearly 497 billion rubles in April 2023. Russia’s total oil and gas revenues rose nearly 90 per cent year-on-year to 1.23 trillion rubles in April.
Revenues rose thanks to higher Urals crude prices, the publication said. Western insurers told the agency that price caps on Russian oil are difficult to secure.
It is noted that by the end of 2024 Russia will receive about $126 billion of oil and gas tax revenues. Bloomberg Economics Russia economist Alex Isakov added that the country’s budget will break-even at the cost of Brent above $ 95 per barrel, but even at an oil price above $ 70 per barrel, the financial situation of the Russian Federation will remain relatively stable.
Earlier, Deputy Chairman of the Russian Security Council Dmitry Medvedev “thanked” the European Union for the growth of the Russian economy.
