Russian oil and gas budget revenues more than doubled in October
In October, Russia’s oil and gas revenues more than doubled to 1.635 trillion roubles ($17.63 billion) from 739.9 billion roubles in September, according to data from the finance ministry.
These revenues, which have accounted for over 28% of the total Russian budget proceeds this year, also increased by 27.5% compared to October 2022, as the government did not pay the so-called damper payment to oil refiners during that period.
The suspension of damper payments, which were later reinstated, contributed to fuel shortages that led to a ban on fuel exports in September, although the ban has been eased since.
Overall, Russia’s energy revenues for the first ten months of the year declined by 26.3% year-on-year to 7.211 trillion roubles, reflecting the impact of Western sanctions and disruptions in the energy sector, such as the closure of the Nord Stream gas pipelines to Europe in September 2022.
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The finance ministry had budgeted for a 23% fall in oil and gas revenues in 2023 to 8.86 trillion roubles, and it anticipates a budget deficit of almost 3 trillion roubles, equivalent to 1.8% of GDP.
