Tax & Spend
Russia Faces Wartime Budget Hit as Oil, Gas Revenue to Slide
Rail wagons for oil, fuel and liquefied gas cargo in sidings at Yanichkino railway station in Moscow, Russia.
Source: Bloomberg
The Russian government expects the oil and gas industries’ contributions to the national budget this year to drop to the lowest since the pandemic of 2020 after prices for its fuels dipped and the ruble strengthened.
Moscow will gather about 8.65 trillion rubles ($100 billion) in taxes from the oil and gas industry, according to amendments to Russia’s 2025 budget. That’s about 22% less than last year’s revenues, according to the amendments, published Monday on the website of the State Duma, the lower chamber of the parliament.