Energy Markets
The October budget revenue for Russia's oil and gas sector is expected to fall by 21%
Calculations show that Russia's oil and gas revenues in October will fall by about 21%, to 950 billion Russian roubles (about $11.7 billion), compared to the same month a year ago, due to lower prices and an increased rouble. This is a blow to Moscow's largest source of income. The projected decline will present more challenges to the Russian government. It is already facing a growing budget deficit, and it has been forced to raise taxes in order to finance increasing military and security expenditures. The oil and gas revenues account for up to one quarter of the Russian budget....