Oil production in Russia. Illustrative photo.
Moscow – Russian budget revenues from oil and gas increased in February by 22.5 percent compared to January to 521.2 billion rubles (roughly CZK 153 billion). However, compared to last February, they were lower by 46.4 percent. According to Reuters, this follows from today's data from the Russian Ministry of Finance. In January, revenues were 425.5 billion rubles, their lowest monthly level since August 2020.
Moscow uses tax and customs revenues from the sale of oil and gas, which totaled roughly 11.6 trillion rubles in all of last year, to finance government spending. Due to the shortfall in these revenues and costs related to the invasion of Ukraine, it has recently had to start drawing funds from its reserves.
Western countries have imposed extensive economic sanctions on Russia over its attack on Ukraine last year. According to preliminary data from the Ministry of Finance, the Russian federal budget in January ended with a deficit of 1.776 trillion rubles (about 521 billion CZK), while a year earlier it showed a surplus of 125 billion rubles (about 37 billion CZK).