Russia’s oil tax revenues reached a six-month peak last month as crude prices surged amid the war in Iran, with oil trading near $100 per barrel.
Russian producers paid 707.1 billion rubles ($9.5 billion) in federal oil taxes in April, the highest level since October, according to Bloomberg calculations based on Finance Ministry data released Wednesday. Total oil and gas revenues reached nearly 856 billion rubles.
The Urals price used to calculate April oil taxes averaged $77 per barrel, up from approximately $59 a year earlier, according to Russian governmental data. Since taxes are calculated based on Urals prices from the previous month, the rally’s full impact will continue boosting revenues into May.
The increased petrodollars provide relief to Russian coffers strained by war spending in Ukraine. President Vladimir Putin has warned his government on several occasions that the oil price spike represents only a temporary trend and should not be relied upon.
Source:
