Page 70 - bneIntelliNews monthly country report Russia May 2024

6.1.1 Budget dynamics - results
Russia's oil and gas revenue in April will almost double year on year to $14bn thanks to rising prices, Reuters calculations show, emphasising the difficulties Western nations face as they seek to limit Kremlin income and stifle its military might. The war in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian oil and gas income that accounts for about a third of the country's federal budget. Measures have also included restrictions on Russian oil purchases, financial operations and vessels, as well as a $60 a barrel price cap. The projected April jump in Russia's oil revenue is bigger in percentage terms than the 30% increase expected for the whole of 2024. Reuters calculations show Russia's projected April oil and gas revenue at 1.292 trillion roubles ($14bn), up from 648bn roubles in April 2023 and
70 RUSSIA Country Report May 2024 www.intellinews.com