Russia’s oil, gas federal budget revenues soar 2.2 percent in early 2024

(MENAFN) Russia's Finance Ministry revealed on Monday that the federal budget revenues derived from the oil and gas industry witnessed a notable surge, reaching 4.2 trillion rubles (USD45.7 billion) during the January-April 2024 period. This figure represents an impressive 82.2 percent increase compared to the same period last year. Additionally, the ministry reported a 36.8 percent rise in non-oil and Natural gas revenues, totaling 7.5 trillion rubles over the same period.

Overall, Russia's budget revenue experienced a substantial uptick of 50.1 percent in the first four months of 2024, amounting to 11.7 trillion rubles, in contrast to the corresponding period in the previous year. Meanwhile, budget expenditures also grew, albeit at a slower pace, increasing by 21.5 percent to reach 13.2 trillion rubles. As a result, the country's budget registered a deficit of 1.5 trillion rubles.

The Finance Ministry emphasized that the measures implemented to manage budget revenues and expenditures are poised to strengthen the budget balance in the upcoming year, providing support for Russia's macroeconomic and financial stability, as well as its budgetary system in the medium term.

In light of disruptions to its European market share caused by the Ukraine war, Russia, a major global exporter of oil and natural gas, is seeking to offset these losses by expanding its presence in both domestic and Asian markets. Recent investments by Russian energy companies in logistics infrastructure in the eastern region of the country reflect this strategic shift, aimed at enhancing exports to the burgeoning Asian market.

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