SCO & BRICS latest news and insights
The Russian budget is based on three main revenue streams, all of which are demonstrating robust growth in the current fiscal year. The budget deficit has decreased by approximately 50% compared to the previous year. What strategies enabled Russia to exceed its revenue targets from a year ago, and w...
By Rhod Mackenzie
Bloomberg economists estimate that Russia received almost 50% more from oil sales last spring than in May 2023. Oil-related taxes rose to 632.5 billion rubles ($7.1 billion). Total oil and gas revenues rose by 39% to 793.7 billion roubles in May. The calculations are based on da...
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 re...
The Ministry of Finance has reported a significant increase in budget revenues during the first quarter of this year. Both non-oil and gas revenues, as well as revenues from the sale of oil and gas, are growing. Additionally, the latter has shown phenomenal growth. What is contributing to the Russia...
By Rhod Mackenzie
Cooperation with OPEC+ will help secure revenues for the Russian budget and maintain oil prices. This was announced by Russian President Vladimir Putin on 12 March at a meeting with the winners of the "Leaders of Russia" management competition.
"OPEC+ is really helping us to mai...
By Rhod Mackenzie
In February, Russia's oil and gas revenues surged by over 80% from the previous year to exceed $10 billion, owing to the increase in crude prices.
The Finance Ministry reported that budget revenues from oil and gas taxes amounted to 945.6 billion rubles ($10.4 billion) last mon...
