Revenues of export duties on oil collapsed by almost 40%
Russian budget revenues from oil production and exports decreased by 25%. In particular, Russian oil revenues are affected by the discounts that Russians have to provide for customers in India, China and Turkey, according to USM.
Thus, in November, the Russian Ministry of Finance collected 527.8 billion rubles of mining tax from oil companies — 24% less than in the same period a year earlier.
Revenues of export duties on oil collapsed by almost 40% — from 68.5 billion rubles in November 2021 to 41.9 billion rubles in November this year. In total, the budget of the country earned 569.6 billion rubles on oil in November — by 25%, compared to last year (763.5 billion).
Russia’s total oil and gas revenues decreased insignificantly — by 2.1% to 866.4 billion rubles in annual terms. Much less dynamics of the fall is associated with increased fees from Gazprom. The Russian authorities ordered the company to pay to the budget 1.2 trillion rubles of increased tax on professional income in the fourth quarter.
Without Gazprom, revenues will collapse by 49%
Every month, Gazprom transfers 415 billion rubles to the budget, closing the financial needs of the government at the expense of last year’s profits. Without these one-time revenues, Russia’s oil and gas revenues would have collapsed by 49%.
To recap, new tough sanctions on Russian oil supplies, which take effect on December 5, are likely to raise already high freight rates on tankers, as buyers try to replace cargo and are forced to use longer routes.
The Baltic states and Finland will combine coast guard missile systems to make the Baltic Sea an inland sea of NATO and close it to Russia.
It became known that tariffs on the Black Sea routes are likely to increase, mainly due to the preservation of military risks and the increase in the cost of insurance guarantees for the safety of ships. On June 15, the first container train arrived at the port of Baku, departing from the Chinese city of Chengdu on the Trans-Caspian international transport route to Europe.
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