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In April, Russia's oil and natural gas revenues were down by 12% year-on-year.

The Russian budget revenue from oil and natural gas sales dropped by around 12% compared to April last year. The Ministry of Finance blamed the sharp fall in oil prices.

The Kremlin's most important cash source has been oil and gas revenue, which accounts for between a third and a half the total federal budget revenues over the last decade.

According to the Finance Ministry, revenues reached 1.09 trillion Russian roubles (13.49 billion dollars) in April, down from 1.23 in April 2024, but slightly up from March's 1.08 trillion.

This was more than the 0.96 trillion roubles that.

In January-April, revenue fell 10.3% on an annual basis to 3.73 trillion Russian roubles.

The impact of lower oil costs could be mitigated by tax increases or spending cuts in the short-term.

According to data, the average Russian oil price per barrel in roubles continued to fall in recent months. It was 5,079 in March and 4,562 in April.

The budget for this year was initially set at 10.94 trillion Russian roubles. Last month, it revised down the expected proceeds to 8.32 trillion Russian roubles due to falling oil prices.

(source: Reuters)