Proceeds from oil and gas sales for Russia’s federal budget in September edged down by about 0.9% from August to 771.9 billion roubles ($8.13 billion), finance ministry data showed.

That was broadly in line with a Reuters forecast of steady revenue on a monthly basis.

The proceeds were up 4.3% from the same month in 2023 and jumped 49.4% year on year for the first nine months of the year to 8.33 trillion roubles.

Oil and gas revenue has been the most important source of cash for the Kremlin, accounting for about a third to a half of total federal budget proceeds over the past decade.

Finance Minister Anton Siluanov said on Monday that revenue from the oil and gas sector will account for 27% of total state budget proceeds next year.

The proceeds are expected to decline over the next three years owing to a fall in a tax for state-owned gas giant Gazprom GAZP.MM.

For 2024 as a whole, the government budgeted for federal revenue of 10.7 trillion roubles from oil and gas sales, up 21% from 2023, when weaker oil prices and a fall in gas exports reduced the revenue by 24%.

That 2024 target was revised down from initial expectations of 11.5 trillion roubles.
Source: Reuters (Reporting by Vladimir Soldatkin and Darya Korsunskaya, Editing by David Goodman)