Page 49 - RusRPTJan22

policy guidelines (which does not affect the borrowing plan).
Federal budget revenues were up +RUB0.6 trillion y/y in November, with oil & gas proceeds advancing +RUB0.4 trillion, and nonO&G revenues increasing +RUB0.2 trillion. Oil & gas revenues continue to benefit (in terms of y/y growth) from higher oil prices and the pickup in crude oil extraction and exports.
49 RUSSIA Country Report January 2022 www.intellinews.com