Russia’s Oil and Gas Revenue Fell by Over a Quarter in June
- Proceeds from oil and gas taxes declined to 529 billion rubles
- Russia has been changing oil-tax system to boost revenue
Budget proceeds from oil and gas taxes dropped 26% in June from a year ago to almost 529 billion rubles ($5.84 billion), the Finance Ministry said Wednesday. Gas taxes fell 54% to 125.7 billion rubles, while proceeds from crude and petroleum products — which account for over 76% of hydrocarbon revenue — declined by almost a tenth to 402.8 billion rubles, according to Bloomberg calculations.
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