RUSSIAN BUDGET GETS FEWER PETROROUBLES

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 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