The Russian budget revenues from gas and oil sales doubled in October compared to September. The price ceiling imposed by the G7 countries is not being observed in reality. The Wall Street Journal writes about it.
According to the Russian Ministry of Finance, the federal budget revenues from oil and gas in October 2023 increased by 27.5% compared to the same period in 2022 and by 2.2 times compared to September this year amid high oil prices and a weak ruble. Oil and gas revenues, which account for about a third of state treasury revenues, reached 1.635 trillion rubles last month, up from 1.282 trillion rubles in October 2022 and 739.9 billion rubles in September 2023.
In the first ten months of the year, oil and gas revenues narrowed the gap with the previous year, down 26.3% to 7.211 trillion rubles from 9.788 trillion rubles in January-October 2022.
According to the Wall Street Journal, these revenues are used to finance the war in Ukraine and strengthen the economy.
Russia's shadow fleet already includes 180 tankers. The largest buyers of oil – China, India, and Turkey – do not comply with Western price caps.
In addition, Russia is increasing the share of oil supply insurance outside the G7 countries. While in January it covered 35% of supplies, now it is more than half.
Russian oil has recently been selling at around $74 per barrel, against a ceiling of $60 set by the West.
