The war in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian revenues
In April, Russia’s oil and gas revenues will double as they will rise to 14 billion dollars.
This is due to rising prices, as Reuters calculations showed.
The agency points to the difficulties Western countries have faced as they seek to limit the Kremlin’s revenue and weaken its military power.
The war in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian revenues from oil and natural gas, which account for about a third of the country’s federal budget.
The measures also included restrictions on Russian oil purchases, financial transactions and shipping, as well as a price ceiling of $60 a barrel.
According to Reuters calculations, Russia’s forecast oil and gas revenue in April stands at 1.292 trillion rubles ($14 billion), up from 648 billion rubles in April 2023 and slightly down from 1.308 trillion rubles last month.
Russia’s Finance Ministry will publish April data in early May.
Reuters calculations are based on data from industry sources and official statistics on oil and gas production, refining and supplies in domestic and international markets.
Revenue from oil and gas sales is vital to Russia’s commodity-export-oriented economy and to financing the war in Ukraine, which it calls a “special military operation.”
Russia’s budget deficit for the first three months of the year narrowed to 607 billion rubles, or 0.3 percent of gross domestic product (GDP), supported by a recovery in energy revenues.
For all of 2024, the government has budgeted federal revenue of 11.5 trillion rubles from oil and gas sales, up 30 percent from 2023 and reversing a 24 percent decline that year due to lower oil prices and natural gas exports which were affected by the sanctions.
