Russia’s Oil and Gas Revenue Jumped in February in Budget Boost
- Proceeds from fuel taxes increased to 945.6 billion rubles
- Spike in revenue follows narrower discounts on Russian crude
A gas storage facility in Kasimov, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s oil and gas revenue jumped more than 80% in February from a year earlier to over $10 billion due to higher prices for the nation’s crude as its producers withstood Western sanctions.
Budget proceeds from taxes on oil and gas totaled 945.6 billion rubles ($10.4 billion) last month, the Finance Ministry said Tuesday. Levies on crude and petroleum products — which accounted for 84% of total hydrocarbon revenues — more than doubled, according to Bloomberg calculations based on the data.