Russia Monitor Monthly August 2020

Page 16

SOURCE: GAZPROM-NEFT.COM

25 August 2020

RUSSIAN BUDGET GETS FEWER PETROROUBLES The share of oil and gas revenues in Russia fell below one-third throughout the first six months of 2020, reaching a low figure in the past few years, the Russian Audit Chamber wrote in a federal budget report.

The country’s oil and gas revenues accounted for 29.3 percent of the whole federal budget, marking a 13.9 percent drop on the year,” the document reads. What do “oil and gas revenues” stand for? According to the country’s finance ministry, these are mineral extraction tax revenues for oil and gas output, energy export

16

duties, as well as profit-based hydrocarbon levy that refers to some deposits. Starting from 2005, the share of oil and gas revenues in the Russian federal budget ranged between 36 and 51 percent. Russia’s finance ministry saw its projected drop in the ensuing years yet not at this pace. Under the three-year federal budget

www.warsawinstitute.org


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
Russia Monitor Monthly August 2020 by Warsaw Institute - Issuu