Due to cheaper oil and higher payments to state-owned oil refineries, oil revenues to the Russian state budget in January were close to a one-year low. This was reported by Bloomberg, according to UNN.
Details
It is noted that oil taxes increased to 572.6 billion rubles ($5.8 billion) compared to 501.2 billion rubles a year earlier. Total revenue from the oil and gas industry in Russia amounted to 789.1 billion rubles ($8.05 billion), of which about 73% came from oil and oil products, compared to 675.1 billion rubles ($6.89 billion) a year earlier.
These figures do not yet reflect the impact of the broad US sanctions imposed on the Russian oil industry last month, as the Finance Ministry calculated cash flows from oil sales based on December production and oil prices,
Last month, the Russian government paid 156 billion rubles ($1.59 billion), a five-month high, to gasoline and diesel producers for supplying fuel to the domestic market.
January revenues from Russia's gas industry alone increased by almost a quarter year-on-year to over 216 billion rubles ($2.20 billion) due to increased pipeline exports and growing domestic demand.