Oil and gas tax revenues paid into Russia’s budget rose by 32.4% in May compared with a year earlier, reaching 678.9 billion rubles, or $9.3 billion. Reuters reports this, citing data from Russia’s Finance Ministry.
The increase was driven by higher global oil prices. Compared with April, however, revenues fell by 20.7%, because the previous month’s budget figures included additional profit-tax payments, which are made on a cyclical basis.
Russia’s budget revenues from oil and gas have now risen for a second consecutive month, starting in April. Reuters links the trend to higher global energy prices and the suspension of U.S. sanctions.