Guard! Russia sharply increased oil revenues

According to calculations, last month such budget revenues more than doubled in annual terms – from 497 billion to 1.053 trillion rubles. At the same time, the Russian Federation increased its total oil and gas revenues in April by 90 percent compared to the same period last year, to 1.23 trillion rubles.

Analysts note that rising prices for Russian oil contributed to this dynamics. In April, taxes were calculated based on the Urals price of $70.3 per barrel; a year earlier, this figure was $48.68 per barrel. The weakening of the ruble also had a positive effect on budget revenues, experts write.

Experts have calculated that in 2024 the Russian Federation will receive regarding $126 billion in tax revenues from oil and gas. According to Bloomberg Economics Russia economist Alex Isakov, this figure is slightly higher than government forecasts. He also said that Russia will break even with the current “military” budget if the price of Brent oil is above $95 per barrel, but even with the price of oil above $70 per barrel, the country’s financial position will remain relatively stable.