Page 78 - RusRPTNov23

trillion rubles. In September, these revenues already amounted to 740bn rubles, marking a 15% month-on-month increase and an 8% y/y rise. This exceeded the base level specified in the current budget by 69bn rubles.
The upswing in oil and gas revenues can be primarily attributed to a substantial increase in revenue from the mineral extraction tax (MET) on oil. This tax saw a remarkable 27% month-on-month and a remarkable 58% y/y surge, largely due to favorable dynamics in Urals oil prices, which stood at $83 per barrel compared to $74 per barrel the previous month, according to the Ministry of Finance. Additionally, a weakened ruble played a role in boosting these revenues.
However, the growth in payments to oil refiners as part of the fuel damper acted as a restraining factor. These payments increased by 61% month-on-month and an impressive 113% y/y, totaling approximately 300bn rubles.
Moving into October, the Ministry of Finance foresees an additional 513bn rubles in oil and gas revenues, bringing the total to around 1.2 trillion rubles when considering the fundamental oil and gas data. This substantial growth is driven by the quarterly payment of additional income tax (ATT) and a reduction in payments for the fuel damper following a substantial increase in fuel prices on the stock exchange.
To compensate for the revenue shortfall experienced in September, amounting to 115bn rubles, the Ministry of Finance plans to allocate 399bn rubles for the purchase of foreign currency and gold between October 6 and November 7. It's worth noting that the Bank of Russia has opted not to replicate these transactions on the domestic foreign exchange market until the end of the year.
78 RUSSIA Country Report November 2023 www.intellinews.com