Russia’s Revenue Jumps in First Quarter as Oil Prices Rise
- One-time tax payments helped boost funds to federal budget
- Russia is continuing to weather pressure from war sanctions
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Russia reported a sharp increase in revenue in the first quarter due in part to one-time tax payments and rising oil prices as the country continues to weather sanctions over its war in Ukraine.
Russia observed “sustained positive dynamics” in the flow of money to the federal budget, according to a Finance Ministry statement on Monday. Revenues for the three months through March amounted to 8.7 trillion rubles ($94 billion), an increase of 53.5% compared with the same period last year, data from the ministry showed.