OIES – Fiscal Flex: Russia’s Oil and Gas Revenues in 2024

The OIES 'Fiscal Flex: Russia’s Oil and Gas Revenues in 2024' report analyzes the dynamics of Russia's oil and gas revenues and their impact on the federal budget. In 2024, Russia's federal budget revenues increased by 28% in ruble terms due to continued economic growth and ruble depreciation. Oil and gas contributed significantly, with oil-related taxes comprising 85% of the sector's revenue. The report highlights adaptive fiscal policies aimed at shielding budgetary revenues from global energy market volatility and promoting investment in higher-cost projects.