Oil and gas revenues of the Russian budget, according to preliminary data, amounted to 426 bln rubles ($5.96 bln) in January 2023 and decreased by 46% compared to January 2022, the Ministry of Finance said on Monday.
"Oil and gas revenues amounted to 426 bln rubles and decreased by 46% in comparison with January 2022, which was primarily due to declining prices for Urals oil and a decrease in natural gas exports," the ministry said in its preliminary assessment of budget execution for January 2023.
Taking into account the decrease in the representativeness of price for Urals oil "as an objective price indicator of export prices for Russian oil," the Ministry of Finance stated that "approaches are now being developed to switch to other price indicators for tax purposes."
Earlier Vestnik Kavkaza reported that the U.S. and the European Union placed a price cap on Russian-origin petroleum products. Caps were set at $100 per barrel for lighter, higher-value products such as diesel and $45/bbl for heavier, lower-value products such as fuel oil.
