Russian Prime Minister Mikhail Mishustin said that the level of oil and gas revenues of the Russian budget increased by almost 50 percent after the introduction of Western sanctions, RIA Novosti reports.
"An attempt to limit energy exports has led to a natural increase in oil and gas revenues of our budget — almost by half,” he said.
Nevertheless, the amount of additional oil and gas revenues, calculated as the difference between actual and basic income levels, amounted to 85.9 billion rubles in August, having thus fallen short of expectations of the Russian Finance Ministry. In early August, the ministry predicted an additional income at about 359.5 billion rubles. The actual amount of excess over the baseline was 273.6 billion rubles lower.
The G7 countries implemented a price cap on Russian oil imports. Russian oil prices are to be capped starting from December 5 (prices on Russian oil products — from February 5, 2023). Prior to the G7 announcement, Russian Deputy Prime Minister Alexander Novak and presidential spokesman Dmitry Peskov said Russia would not cooperate with the countries that limit prices on Russian oil.