03 Nov, 23

Higher Profit-Based Tax Doubles Russia’s Oil And Gas Revenues

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Russia’s oil and gas revenues jumped in October, due to a cyclical surge in the profit-based tax, and more than doubled from September to $17.6 billion (1.635 trillion Russian rubles), data from the Russian finance ministry showed on Friday. For September, the total Russian revenues from oil and gas stood at $8 billion (739 billion rubles). The profit-based tax jumped in September and October, boosting revenues. The budget proceeds for Russia last month were also lifted by 27.5% compared to October 2022 as the government did not…

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