Kremlin Oil Revenue Grew in September at Companies’ Expense
- Fuel subsidy to Russian oil producers was cut by half
- Oil-tax revenue declined amid lower price of Urals blend
The Russian budget received a total of 597.2 billion rubles ($6.28 billion) from its oil industry last month.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
The Russian state’s oil revenue showed slight annual growth in September, as the government offset weaker energy prices by halving monthly subsidies to the nation’s crude producers.
The Russian budget received a total of 597.2 billion rubles ($6.28 billion) from its oil industry last month, up nearly 4% from a year earlier, the Finance Ministry said on Thursday. This is a key source of funds for the Kremlin as it seeks to withstand Western sanctions and cover the growing military cost of the invasion of Ukraine.