Russian oil revenues fell to one-year low in January, Bloomberg says
Pravda Ukraine
Revenues from oil sales to Russia’s state budget in January were near a one-year minimum, attributed to lower global crude prices and higher payments to state-owned oil refineries.
Source: Bloomberg, citing data from Russia’s Finance Ministry
Details: Oil taxes increased to RUB 572.6 billion (US$5.8 billion), up from RUB 501.2 billion (approximately US$5.1 billion) a year earlier. Total revenues from Russia’s oil and gas industry reached RUB 789.1 billion (US$8.05 billion), with around 73% of this coming from oil and oil products, compared to RUB 675.1 billion (US$6.89 billion) the previous year.
These figures do not yet account for the impact of the wide-ranging US sanctions imposed on the Russian oil industry last month, as the Finance Ministry calculated oil cash flows based on December production and oil prices.
In January, the Russian government paid RUB 156 billion (US$1.59 billion) to petrol and diesel producers for supplying fuel to the domestic market, marking a five-month high.
Revenues from Russia’s gas industry alone rose by nearly a quarter year-on-year, reaching over RUB 216 billion (US$2.20 billion), driven by increased pipeline exports and growing domestic demand.
Background: In mid-January, Russia’s maritime oil exports experienced their largest drop since November following former US President Joe Biden’s imposition of broad sanctions on the country’s oil trade. This marked the first signs that the measures were starting to alter trade flows.
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