Russia’s budget received 900 billion rubles in taxes from the oil price spike. But the authorities returned almost half of that amount to exporters

Russia’s budget received 900 billion rubles in taxes from the oil price spike. But the authorities returned almost half of that amount to exporters

Russia’s Finance Ministry has disclosed data on state revenue from oil and gas in April. In that month, the budget received exporters’ taxes for March, the first full month of the U.S. and Israel’s war with Iran, when oil prices rose sharply.

According to Finance Ministry statistics cited by Faridaily, the Russian budget received nearly 917 billion rubles in April from the mineral extraction tax (up from 443 billion rubles in March). Of that, 771 billion rubles came from oil.

However, as Faridaily notes, at the same time the state significantly increased spending on payments to oil companies so that they would not raise gasoline prices and would modernize and repair refineries. The state allocated nearly 380 billion rubles for these purposes.

Oil prices rose significantly amid the U.S. and Israel’s war with Iran and the closure of the Strait of Hormuz. At the same time, the Ukrainian military intensified strikes on Russian oil infrastructure facilities, seeking to prevent the Russian authorities from profiting from the higher oil prices.

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