Page 76 - RusRPTNov23

Extraction taxes and export duties reached close to 1.2 trillion rubles in August, the highest since May 2022. While the budget benefits from the weaker ruble, oil and gas revenues in US dollar terms are also rising. The narrowing of Urals-Brent spreads means that changes to the tax oil price have not had a big effect yet.
In September, Russian oil export earnings reached $18.8bn, the highest reading since July of last year that puts Russia on track for a high current account surplus this year if this continues.
Russia’s budget revenues from the oil and gas sector rose by 15% in September month-on-month to 739.9bn rubles ($7.4bn), according to figures provided by the Finance Ministry. In January-September 2023 those revenues reached 5.576 trillion rubles ($56bn). The increase in September revenues was mainly due to the mineral extraction tax, which brought 1.087 trillion rubles ($10.9bn) to the Russian budget (up by 24% compared with August). Budget revenues from collection of the export duty also rose - by 35% to 105.9bn rubles ($1bn).
76 RUSSIA Country Report November 2023 www.intellinews.com