Russia's Oil And Gas Budget Revenue Sees 24% Decline In 2023, According To Finance Ministry

Russia’s Oil and Gas Budget Revenue Sees 24% Decline in 2023, According to Finance Ministry

– By Daniel Terungwa

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Russia’s Oil and Gas Budget Revenue Sees 24% Decline in 2023, According to Finance Ministry

The proceeds from oil and gas sales for Russia’s federal budget saw a significant decline of approximately 24%, amounting to 8.822 trillion roubles ($99.4 billion) in the previous year, according to data from the finance ministry released on Thursday.

This drop was attributed to the impact of weaker oil prices on the country’s revenue from these sectors.

The Russian government had initially projected federal revenue of 8.939 trillion roubles from oil and gas sales for the year 2023.

This figure represented more than 34% of the total budget revenue, which was a decrease from the 11.586 trillion roubles recorded in 2022 when oil prices were comparatively higher.

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