Russia's Oil and Gas Revenue Rises 41% to 746.6 Billion Rubles in June 2024

Jul 3, 2024, 09:36 AM

Russia's oil and gas revenue saw a significant increase in June 2024, with budget proceeds rising to 746.6 billion rubles from 793.7 billion rubles in May, according to the Finance Ministry. Oil-related taxes jumped to 590.6 billion rubles ($6.7 billion) in June, compared to 402.8 billion rubles a year ago. This represents a 41% year-on-year increase in oil and gas budget revenue, reaching $8.5 billion. The rise in revenue is attributed to higher Urals prices. Additionally, Sovcomflot, a Russian shipping company, has 100 unsanctioned oil tankers that account for 13% of Russia's seaborne oil exports. Fifteen of these ships make up 60% of the activity in June 2024. There are calls for these ships to be sanctioned to curb Russia's energy windfall, as highlighted in a recent BrookingsInst blog.