Revenues to the Russian federal budget from the sale of oil and gas in the first half of 2024 increased by about 41% year-on-year and amounted to $65.12 billion, Reuters reports, citing data from the Ministry of Finance.

Western sanctions imposed after the outbreak of the conflict in Ukraine were designed to limit Russian oil and gas revenues, which account for about a third of the country’s federal budget. However, during the first half of the year, the price of Urals flagship oil averaged $69.1 per barrel, which is higher than the limit set by the West at $60, compared with $52.5 for the same period in 2023.

According to the Ministry of Finance, revenues from the mineral extraction tax (MET) increased in June to more than 1 trillion rubles from 631.6 billion rubles compared to 2023. In general, for 2024, the government has included in the federal budget revenues from the sale of oil and gas in the amount of 10.7 trillion rubles, which is 21% more than in 2023.

@ino_tv