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.
#Russian billionaire #OlegDeripaska has warned the country will run out of money next year as "serious". Its National Wealth Fund (NWF) shrank by more than $38bn in a single month. The NWF currently stood at $148.4bn (£124bn) in January, according to finance ministry data
— Share_Talk ™ (@Share_Talk) March 2, 2023
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.
