Russian budget revenues from oil in December fell to a minimum since March 21

Jan 12 (Reuters) – Russian federal budget revenues from oil (MET and export duty) in December 2022 fell to the lowest level since March 2021 – 511.7 billion rubles, and fell by 33.1% compared to the same period in 2021, follows from the data of the Ministry of Finance.

MET revenues for oil decreased in December in annual terms by 29.5% to 474.8 billion rubles, the lowest since March 2021.

In December, oil export duty revenues decreased by 59.5% year-on-year to RUB 36.9 billion, the lowest since June 2022.

According to the Ministry of Finance, the average price of Urals oil in December 2022 was $50.47 per barrel, which is 1.44 times lower than in December 2021 ($72.71 per barrel).

Thanks to the third and final transfer to the treasury of the increased severance tax on Gazprom in December, revenues from this tax on gas increased more than eight times year-on-year to 466.7 billion rubles.

The Russian authorities had previously decided to withdraw 1.25 trillion rubles in the form of a one-time increase in the mineral extraction tax from Gazprom. The receipts were divided into three parts – 416 billion rubles a month in the fourth quarter.

The export duty on gas last month fell by 64.8% yoy to 53.7 billion rubles.

Overall, revenues from oil and gas increased by 6.0% in annual terms in December after falling by 2.1% in November.

According to the Ministry of Finance, oil and gas revenues in December amounted to 931.5 billion rubles compared to 879.1 billion rubles in the same period in 2021 and 866.4 billion rubles in November 2022.

The total drop in oil and gas revenues in the last month of last year without a one-off payment from Gazprom would have amounted to 41.4% yoy, follows from the data of the Ministry of Finance.

At the end of 2022, oil and gas revenues, taking into account the support from the “national treasure” in the form of increased MET and interim dividends totaling 1.85 trillion rubles, increased by 27.9% to 11.59 trillion rubles compared to 9.06 trillion rubles in 2021. (Daria Korsunskaya. Editor Dmitry Antonov)

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