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Russia Increased Its Oil Export Revenues By 35 Percent
September 13, 2017 17:26


Russia has increased its oil export revenues by 35 percent in annual terms, up to 53.14 billion dollars, in January-July 2017. This is evidenced by the data of the Federal Customs Service (FCS).

The deliveries of raw materials abroad have increased by 0.4 percent, up to 149.05 million tons, during this period, according to the calculations of FCS. The exports to non-CIS countries have increased by 2 percent, up to 138.3 million tons.

The volume of deliveries increased by 37 percent in monetary terms, up to 50.23 billion dollars. The deliveries to the CIS countries amounted to 10.8 million tons (minus 18 percent) for the amount of $ 2.9 billion.

On September 5 the Ministry of Finance of Russia announced that it would buy the currency on the domestic market for the amount of 71.7 billion roubles in the period from September 7 to October 5. This is one and a half times more than a month earlier. In January it was decided that additional revenues generated from the excess oil price set in the budget would not be spent on additional expenditures. These amounts will be used to reduce the expenses of the Reserve Fund which are planned for covering the budget deficit. Correspondingly, this will allow keeping the money in the Reserve Fund.


Author: Anna Dorozhkina


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