Russia: revenue from the sale of oil and gas down

Oil and gas revenues fell just 2.1% year on year in November.

But a closer examination of official statistics shows that the financial inflows from energy commodities are on a negative slope.

© Vitaly Nevar / Reuters

Text by: RFI Follow

2 mins

Oil and gas revenues fell just 2.1% year on year in November.

But a closer examination of official statistics shows that the financial inflows from energy commodities are on a negative, even " 

" slope, according to the economic media

, which also relies on data and analyzes from the respected letter on economic and financial matters

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With our correspondent in Moscow

,

On paper, nothing changes.

With 90 billion rubles (1.3 billion euros at the current rate) collected thanks to the sale of oil and gas in November, the figures are almost stable for the Russian state budget.

But these are sham results.

According to two Russian business media outlets,

and

, half of that amount came from a late payment that Gazprom owed since last year.

Without this exceptional influx, revenues would have fallen by 48.9% over one year.

Conclusion: a negative dynamic would be triggered, according to the two specialized titles.

Production itself is down: - 3.4% compared to last year.

In question, the drop in gas production: - 20%.

Russian oil price peak

This as sanctions against Russian oil are barely coming into force: 

, G7 and Australian oil price caps on Russian oil on Monday 5 December, as well as the EU embargo on the Russian oil transported by sea, several months after the embargo already decided by the United States and Canada.

For these two economic media, the revenue targets for the Russian budget in 2023 may therefore not be met.

Still, Russia had already anticipated a sharp decline in its oil and gas revenues.

For

, the general budgetary situation “

”.

►

The European maritime embargo on Russian oil comes into force

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