Acasă » Oil&Gas » Russia’s oil and gas revenues rose 26% in 2024

Russia’s oil and gas revenues rose 26% in 2024

14 January 2025
Economics&Markets
energynomics

Russia’s oil and gas revenues to the state budget rose more than 26% in 2024, to 11,130 billion rubles ($108.22 billion), Reuters reports, according to Agerpres.

Oil and gas revenues are the Kremlin’s most important source of cash, accounting for about a third to a half of total budget revenues over the past decade.

In 2023, following lower oil prices and a decline in gas exports, Russia’s revenues fell by 24%.

The current US government has announced new sanctions against Russia’s energy sector to undermine “the Kremlin’s largest source of financing” in the context of the war in Ukraine. The US sanctions were taken in coordination with the United Kingdom.

Just ten days before Donald Trump is inaugurated for a second term as US president, the Treasury Department has detailed a series of sanctions targeting two major Russian energy companies, Gazprom and Surgutneftegaz.

The sanctions also target 200 oil tankers operating from Russia and constituting Moscow’s so-called “ghost fleet”. Several of the targeted vessels are registered under the Barbados and Panamanian flags.

In addition to producers and vessels, the sanctions also target the entire oil supply chain, targeting a number of intermediaries, oilfield service providers and policymakers in the Russian oil sector. Thus, the provision of services by US companies to the targeted Russian enterprises, in particular with regard to assistance in the extraction and production of petroleum products, will be prohibited. The ban will come into effect on 27 January, the US Treasury Department said.

 

 

 

 

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