Kremlin Oil Revenue Shrank by 29% in October Amid Lower Prices
- Urals averaged $63.57 a barrel, aboput 24% lower than year ago
- Subsidies to nation’s oil refiners also dented budget revenues
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The Russian government’s revenue from the oil industry fell by 29% in October from a year earlier due to lower crude prices and higher state payouts to the nation’s fuel producers.
Oil-related taxes, a key source of financing for Russia’s war against Ukraine, shrank to 1.05 trillion rubles ($10.7 billion) last month compared with 1.48 trillion rubles a year ago, according to Bloomberg calculations based on Finance Ministry data published on Tuesday.