Russia’s oil, gas budget revenues up by 82.2%

By Emre Gurkan Abay in Moscow

MOSCOW (AA) - Russia’s federal budget revenues from the oil and gas industry showed a significant increase to 4.2 trillion rubles ($45.7 billion) in the January-April 2024 period, 82.2% higher than in the same period last year, the country’s Finance Ministry announced on Monday.

The country's non-oil and natural gas revenues increased by 36.8%, reaching 7.5 trillion rubles during the same period, the ministry said in a statement.

Russia's budget revenue increased by 50.1% in the first four months of 2024, reaching 11.7 trillion rubles, compared to the same period last year, and budget expenses increased by 21.5%, reaching 13.2 trillion rubles. The country's budget had a deficit of 1.5 trillion rubles, it added.

According to the statement, the steps taken for budget revenues and expenses will strengthen the budget balance next year, while the country’s macroeconomic, financial stability and budget system will be supported in the medium term.

In the aftermath of the Ukraine war disrupting its European market share, Russia, one of the world's largest oil and natural gas exporters, wants to compensate for the loss by bolstering its presence in both the domestic market and Asia.

Russian energy companies have recently increased their logistics infrastructure investments in the east of the country for export to the Asian market.

*Writing by Handan Kazanci