The Kremlin's revenues from oil sales fell in November compared to last year for the second month in a row, which was caused by lower prices for Russian oil. About this write Bloomberg.
Russian oil taxes, a key source of funding for Russia's war against Ukraine, brought in 605,2 billion rubles ($5,8 billion) into the budget last month, down about 21 percent from a year ago.
The decline came after oil prices fell on fears of a global oversupply, despite geopolitical tensions in the Middle East and a decision in November by the Organization of the Petroleum Exporting Countries and its allies to keep some barrels on the market.
Russia's Finance Ministry calculated the level of taxes for this month based on a price of $64,72 a barrel for Urals — the country's key export blend — compared with $81,69 a year ago.
Russia's total revenues from oil and gas in November, which account for almost 76% of the total revenue of the oil industry, fell by almost 17% to 801,7 billion rubles ($7.66 billion).
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