WIRE — Russia's federal budget recorded its highest monthly oil and gas revenue of the year in July, with proceeds reaching 934 billion rubles (approximately $11.9 billion), the Finance Ministry reported. The figure exceeded the ministry's own forecast by 291.9 billion rubles (approximately $3.7 billion) and marks a 36.6% increase from June and an 18.6% rise compared with July 2023. The surge is driven largely by the quarterly payment cycle for the tax on additional income (NDD), which producers remit once per quarter and which traditionally creates peaks in budget inflows. The mineral extraction tax (NDPI) remains the backbone of energy revenues, contributing 692.2 billion rubles (approximately $8.8 billion) in July. While that amount is down 28.5% from June, it is higher than the 634.1 billion rubles (approximately $8.1 billion) collected in July 2023. NDD receipts totaled 396 billion rubles (approximately $5.0 billion), up 94 billion rubles (approximately $1.2 billion)from the same month a year earlier, a change the ministry and analysts attribute to improved margins at producing companies despite sanctions pressure. "The sharp mid-summer jump confirms that the budget's calculated parameters are valid and that export flows have been reoriented to new markets such as direct crude supplies to Southeast Asia, creating the necessary safety cushion for fulfilling social obligations," macroeconomist Artyom Loginov told Pravda.Ru.
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