In September, Russia increased budget revenues from oil and gas sales by 15% compared to the previous month. September was the third consecutive month of peak oil and gas revenues for the Russian budget.
The growth of oil and gas revenues reduces the pressure on dictator Vladimir Putin, allowing him to continue the war in Ukraine, writes the Agency.
Details. In September, oil and gas revenues of the Russian budget increased to 739.9 billion rubles. This is almost 70 billion rubles higher than the budgeted figures and almost 100 billion more than the revenues in August (642.7 billion).
The Russian budget has been receiving high revenues from hydrocarbons for the third month in a row. In July, they amounted to 811.3 billion rubles. Before that, the budget had only two "successful" months – March and April. In the other months, the treasury's oil and gas revenues were well below 600 billion rubles.
In general, in order to fulfill the plan and not inflate the budget deficit, the Russian authorities must collect 800 billion rubles from oil and gas exports in each month remaining until the end of the year.
The increase in oil and gas revenues to the Russian budget was the result of the rise in oil prices on the global market and the reduced effectiveness of sanctions. The price of Urals crude oil is already above $80, while the sanctions mechanism has a ceiling of $60. The discount on Russian oil has been reduced from $40 per barrel to $10 per barrel.
Economists believe that oil prices may cross the $100 mark and stay there. This could lead to a strengthening of the ruble over the next month, they believe.
Background. As a reminder, Bulgaria has accelerated the process of abandoning Russian oil. The volume of supplies will be reduced every three months, with a complete cessation expected next October.