Russia May Oil and Gas Revenue Seen Rising 39 Percent
Russia's state oil and gas revenues are expected to reach 700 billion roubles in May as global oil prices rally amid the war in Iran. While annual income is set to increase, monthly revenues may fall 17 percent from April due to cyclical tax payments and refinery subsidies.
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Russia expects May oil and gas revenue to rise 39% year-on-year to 700 billion roubles ($9.8 billion). Higher global prices for Brent Crude Oil driven by the U.S.-Israeli war in Iran fueled the increase. Energy exports remain the primary funding source for the Kremlin as military spending in Ukraine strains the federal budget.
