Russia's oil export revenues doubled year-on-year in April

Russian oil companies generated 1.053 trillion rubles ($11.55 billion) for the treasury in April, according to Bloomberg. This represents a doubling of revenues compared to April 2023 (497 billion rubles), driven by rising prices for oil and the weakening of the ruble.

Together with gas, budget revenues from the sale of oil and gas amounted to 1.23 trillion rubles, according to data from the Russian Ministry of Finance published on 6 May. This is also almost twice as much in annual terms (648 billion rubles in April 2023). The growth was more than 90%.
In addition to the price of oil itself, taxes associated with it have also increased, and hence budget revenues. When calculating taxes, economists at Bloomberg Economics based the price of Urals on $70.3 per barrel, rather than the $48.7 per barrel price seen in 2023. The same picture is with the ruble exchange rate: taxes were calculated at the rate of 91.69 rubles per dollar, which is 20.5% lower than it was a year earlier.

Bloomberg notes that the impact of sanctions, which is inevitable, has not yet been significant, despite the tightening of control over their implementation that has followed in the last few months. At least, the sanctions do not greatly affect the income of oil and gas workers. Yesterday’s statistics clearly show how difficult it is to implement them.
Russia's oil exports to China and India remain strong, with April seeing a 19% increase in purchases from March. Meanwhile, Russian liquefied gas (LNG), which is not subject to European and American sanctions, continues to flow freely to the ports of the Old World. Despite the European Union's bellicose rhetoric and thousands of sanctions, LNG imports from Russia have increased over the past two years. Spain and Belgium accounted for almost three-quarters of Russian liquefied gas imports, with Spain receiving 5.24 billion m³ and Belgium 3.82 billion m³.