At the end of January 2024, oil and gas revenues of the Russian federal budget reached 675 billion rubles, according to the Ministry of Finance of the Russian Federation. This figure marks a year-over-year increase of 58.7 percent, reflecting stronger energy earnings amid higher oil prices and related fiscal dynamics.
The accompanying press release noted that the surge was driven primarily by an uptick in the value of Russian crude, which lifted the overall inflows into the treasury for the month.
Preliminary estimates show that total state budget revenues for January stood at 2.396 trillion rubles, up 76.6 percent from the previous year, underscoring a robust start to the year for budgetary receipts.
Earlier in the week, officials indicated that the Ministry of Finance would return to gold and foreign currency purchases under the budget rule starting February 7, with the allocated amount for purchases set at 73.2 billion rubles. This move aligns with ongoing efforts to manage the country’s fiscal reserves in line with macroeconomic conditions and policy objectives.
Bank of Russia Governor Elvira Nabiullina also stated that there is a possibility of beginning purchases of the Chinese yuan under the fiscal rule, signaling diversification of reserve assets and closer integration with regional financial developments.
These measures come after prior discussions around the impact of the excess profits tax on oil and gas companies, which has influenced the sector’s profitability and the government’s revenue structure. The evolving policy stance reflects an emphasis on stabilizing public finances while navigating fluctuations in energy markets and currency dynamics.