Russia’s budget revenues from oil and gas have seen a significant surge of 73.5% in the first five months of 2024 compared to the same period in 2023, according to data released by Russia’s finance ministry. Between January and May 2024, the federal budget received $55.7 billion from oil and gas revenues, marking a substantial increase.
The ministry stated that a steady surplus of oil and gas revenues above their base level is expected in the coming months, in line with the country’s socioeconomic outlook. Non-oil and gas revenues also rose by 34% during this period compared to last year.
Russia’s oil revenues have been steadily rising, with April 2024 seeing a significant increase in oil and gas revenues compared to the previous year. The weaker Russian ruble and higher international oil prices have contributed to the boost in revenues from oil-related taxes and sales.
Despite Western countries’ efforts to reduce President Putin’s income from oil through sanctions and price caps, Russia has managed to double its oil revenues in April and increase them by nearly 50% in May 2024. This highlights the challenges faced by Western nations in curtailing Russia’s oil income.
Moscow’s ability to navigate sanctions and secure higher prices for its crude is evident in the continued growth of oil revenues. The data underscores the resilience of Russia’s oil sector in the face of international pressure, posing a challenge for Western nations seeking to limit the country’s economic power.
