Investments in oil and gas exploration projects in Russia remained steady last year in comparison to 2023 at 320 billion roubles ($3.27 billion), the Natural Resources Ministry said on Friday.

The level of investment is set to remain unchanged this year, it said, while around 11 billion roubles have been allocated from the state budget for this.

Investment in the world’s leading oil and gas exporter has been restrained with the country’s key interest rate at 21%, its highest in more than 20 years.

Oil and gas revenue is the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceeds over the last decade.
Source: Reuters