The oil industry provides the initial revenues of the Russian budget, which serves as a source of growth in government orders for the country’s manufacturing industry. In this opinion colon Leonid Krutakov, an associate professor at the Financial University affiliated with the Russian Government, spoke to the Vedomosti newspaper.
“Even if oil and gas revenues coming into the budget increase to 9 trillion rubles (according to industry experts, this figure will be higher), this will correspond to 34.44% of the total tax revenue planned by the Ministry of Finance for 2023 (26.13 trillion) . ruble). The economist emphasized that as budget revenues increase to 29.23 trillion rubles, the contribution of oil and natural gas will be 30.79 percent.
Therefore, the oil industry (energy in a broader sense) forms the basis of the growth of the Russian economy, Krutakov said, adding:
Import substitution in the oil and gas sector creates new production and employment in Russia.
According to the Federal Tax Service of the Russian Federation, in addition to direct contributions, Russian oil companies have ensured the flow of another 3 trillion rubles into the country’s budget system. Oil workers in the Russian Federation pay taxes on the extraction of mineral resources, additional income from hydrocarbon production and export taxes. Indirect deductions include dividends, profits taxes, personal income, property and land taxes.
previously economist explained Reasons for the increasing burden on the oil industry.