By our economics editors
Mar 5, 2024 at 3:55 PM Update: an hour ago
Russia earned 80 percent more from oil and gas in February than a year earlier. Despite Western sanctions, 945.6 billion rubles (9.6 billion euros) in taxes from the oil and gas industry flowed into the Russian treasury.
Russia earned significantly more from crude oil, mainly thanks to higher prices, reports Bloomberg which is based on the Russian Ministry of Finance. Oil and gas are an important source of income to finance the war with Ukraine.
Since the Russian invasion, several Western countries have banned or restricted the import of Russian oil. There is also a price ceiling in effect. Companies from Western countries are therefore not allowed to provide services to ships with oil sold for more than 60 dollars (55 euros) per barrel. This concerns, for example, the insurance of ships or cargoes.
Moscow is trying to circumvent Western oil sanctions with a shadow fleet of oil tankers sailing under a different flag. Russia also works with non-Western buyers and intermediaries. It was previously announced that Russia would be the largest supplier of crude oil to China in 2023.
This year, Russia abolished taxes on crude oil exports. At the same time, authorities have increased taxes on oil extraction to make up for the shortfall in revenue from export duties.
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2024-03-05 16:41:41
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