Russia reported a significant increase in oil and gas revenues for January 2024, contradicting earlier predictions of economic decline due to sanctions.
Compared to the same month in 2023, revenues soared by 1.6 times, reaching a total of $7.4bn, according to the Russian Finance Ministry. This is reported by Prensa Latina, a partner of TV BRICS.
The ministry attributed this growth to higher tax revenues from both oil and gas production and exports.
Taxes on oil and gas condensate rose to $8.45bn, marking an impressive 1.88-fold increase year-on-year. Similarly, gas taxes generated $1.8bn, representing a 1.5-fold increase.
