Although Russian energy revenues have improved, they are still only at 50% of the monthly average.

Last month, Russia experienced a 20% increase in energy revenues due to a taxation adjustment, rather than a surge in exports.

However, these revenues remained significantly below last year’s monthly average. In February, the finance ministry reported Rbs521bn ($6.9bn) in energy revenues, which is almost half the Rbs965bn monthly average in 2022.

The mineral extraction tax increase contributed to a 34% rise in budget revenues from oil and nearly three times more from gas, mainly from Gazprom.

The fixed tax amount of Rbs50bn will be paid by the state-owned energy group until 2025. A weak rouble also benefited budget revenues.

Monthly export duties on gas and oil declined by 44% and 63%, respectively, resulting in the lowest levy in at least five years.

The budget surplus was Rbs12.3bn higher than expected, enabling the state to reduce its daily sales to Rbs5.4bn a day in March from Rbs8.9bn ($118.1mn) in the previous month.

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