Posted 11/3/2023, 11:06:40 AM
Russian Oil and Gas Revenues Rebound in October but Remain Below 2021 Levels Due to Sanctions
- Russian oil and gas budget revenues doubled to $17.63B in October vs September
- Revenues rose 27.5% year-on-year, boosted by end of "damper payments" to refiners
- But revenues still down 26.3% for Jan-Oct 2022 year-on-year due to sanctions
- Finance ministry budgeted for 23% drop in oil and gas revenues this year
- Ministry forecasts budget deficit of almost $45B, or 1.8% of GDP, for 2022