The oil and gas revenues of the federal budget in May decreased by 35% year by the year
The oil and gas revenues of the federal budget in May amounted to 513 billion rubles, decreasing by May last year by 35%. The reduction in revenues according to the results of five months by the same period of 2024 amounted to 14%. The main reason for compression of income is low prices for Russian oil and a strong ruble.
Tax revenues of the budget from the production and sale of oil and gas in May 2025 decreased to 513 billion rubles. (minus 35% year for the year). The decrease for five months (4.24 trillion was collected) amounted to 14%. The main reason is the reduction of world oil prices. The dollar value of the barrel of Urals determined for tax purposes, as follows from the data of the Ministry of Economy, in April amounted to $ 54.8 against $ 75 a year earlier (we are talking about April, because companies in May calculated taxes on the price of oil and ruble exchange rate in the previous month). Yesterday, the department reported the average May price of Urals, and it also does not look optimistic – $ 52.1 per barrel. The strengthening of the ruble is also applied to a decrease in oil prices: the ruble price of a barrel and the taxes paid by companies are even lower.
All this already affected the design of the current federal budget (see “Kommersant” from May 29). The government bill adopted by the State Duma in the first reading reduces the tax revenues expected in 2025 from the production and sale of gas from 10.9 trillion to 8.3 trillion rubles, that is, by 2.6 trillion rubles, or almost by a quarter. This is due to a decrease in the value of the cost of Russian oil this year from $ 69.7 to $ 56 per barrel, as well as due to adjustment of the ruble exchange rate from 96.5 rubles. $ To 94.3 rubles./$. The current cost of Urals is lower not only by the initially laid down in the budget, but also by the cutting price of $ 60, which is minimal for the execution of its expenditure. This has already caused reasoning about the need to reduce this threshold in order to make the expenditure part of the budget less dependent on oil and accumulate more for a rainy day. The head of the Ministry of Finance Anton Siluanov, during the Duma discussion of the amendments, said that this issue can be considered when preparing the budget for the next three -year -old.
Despite the reduction in revenues, the Ministry of Finance in June (due to the characteristics of statistics) awaits the formation of additional oil and gas revenues. Therefore, on Wednesday, he announced the purchase of currency and gold in reserves. According to the agency, 28.3 billion rubles will be sent to such operations from June 6 to July 6 to July 6. (1.5 billion rubles every day). This is less than it was in the previous month (2.3 billion rubles). However, as before, in fact, it will not be about the purchase of Yuan in the market, but about their sale. Recall, the Central Bank, for its part, in the first half of the year, sells a currency for mirroring operations from the FNB in the amount of 8.9 billion rubles. Minus the purchase of 1.5 billion rubles allocated by the Ministry of Finance. The volume of net sales (the Central Bank acts as an agent of the financial department for such operations) will amount to 7.4 billion rubles. per day. From May 13 to June 5, net sales were slightly smaller-6.6 billion rubles. per day.
It should be noted that the reserves, which are affected by these operations, were reduced in May. As the Ministry of Finance reported yesterday, the volume of the liquid part of the Federal Antimonopoly Service on June 1, 2025 amounted to 2.8 trillion rubles, which is equivalent to $ 36.2 billion. Earlier, this amount amounted to 3.3 trillion rubles, or $ 40.4 billion. The liquid part of the fund for June 1 consisted of 153.7 billion yuan, 139.5 tons of gold in a faded form and 1.3 billion rub.
