Revenues provided to the Russian budget from taxes on the oil and gas industry last year fell by 24% compared to the previous period. According to this The Ministry of FinanceThe state collected 8.82 trillion rubles ($99.3 billion) in taxes from the oil and gas sector.
The decrease in income from energy exports is due to the decline in world oil prices and the tightening of Western sanctions. Revenues from the sale of pipeline gas to Europe have fallen sharply. It also writes that the state has allocated subsidies to the sector in the amount of 2.9 trillion rubles Bloomberg.
The average price of Russian Ural oil has fallen by more than 17% to $62.99 per barrel in 2023. That’s above the G7’s $60 cap. However, due to risks of violation of restrictions, the Urals discount to Brent increased to $14 in December.
Gas exports to the EU via pipelines fell by 65%. According to the IEA, Russia supplied 20-25 billion cubic meters of gas to Europe, compared to 60 billion cubic meters of gas in the previous year. Budget revenues from gas export taxes fell to 566 billion rubles.
Before that, the Ministry of Finance reportedIt was stated that Russia’s 2023 budget deficit is provisionally 3.24 trillion rubles.
It was previously known how much Russia can to obtain additional oil and gas revenues.