According to the results for February 2025, the Russian treasury received 771.3 billion rubles in taxes from oil and gas companies, falling short by more than 150 billion rubles compared to February 2024 figures. UNN reports this with reference to Bloomberg, The Moscow Times, and DW.
Russian government short billions
The Russian budget lost almost 20% of its oil and gas revenues amid tightening US sanctions imposed for Russia's war against Ukraine.
This result is due to the fact that Russian oil companies, due to increased sanctions pressure, are forced to increase discounts on their products.
According to the results for February, Russia received 771.3 billion rubles in taxes from oil and gas companies – 18% less than a year earlier.
It is also reported that in monetary terms, the Russian treasury received 156 billion rubles less compared to the amount recorded in February 2024.
There is also a lag of 18 billion rubles compared to January of this year.
Thus, tightening US sanctions against Russian oil contributes to the decline in Kremlin oil and gas revenues.
Falling oil prices and Russia's budget deficit
A "headache" for the budget, where oil and gas account for every third ruble of revenue, is the fall in prices for Russian oil.
According to Bloomberg, Urals crude was trading at about $58 per barrel when shipped from the ports of Novorossiysk and Primorsk at the end of February. But the Russian budget project assumes $69.7.
Due to Biden's "farewell" sanctions, which, among others, affected Surgutneftegaz and Gazprom Neft, as well as more than 180 tankers of the "shadow fleet," the Russian economy could lose 10% to 20% of its foreign exchange earnings from oil sales.
Up to 2 trillion rubles in monetary terms - this is the amount by which Russia's budget deficit could increase. This was announced the day before by Russian Deputy Finance Minister Vladimir Kolychev.
Addition
It should be noted that the Russian government planned to reduce the budget deficit threefold in 2025.
The USA plans to ease sanctions against Russia - Reuters03.03.25, 21:59 • [views_22297]