Russia’s non-oil and gas revenues up 16% in 2023

MOSCOW

Non-oil and gas revenues of Russia’s consolidated budget rose 16% in 2023 to $308 billion, the head of the Russian Federal Tax Service said on Tuesday.

“Non-oil and gas revenues (of Russia’s consolidated budget in 2023) increased by 16%, or almost 4 trillion rubles ($43.2 billion) in annual terms,” Russian state news agency TASS reported, citing Daniil Egorov.

Non-oil and gas revenues in the consolidated budget amounted to 24.5 trillion rubles ($264.8 billion) in 2022 and 28.3 trillion rubles ($308 billion) in 2023, according to Egorov.

He also confirmed that the share of these revenues increased from 73% in 2022 to 78% last year.

Last week, Russian President Vladimir Putin said Moscow plans to implement a “fairer” tax regulation in the country to collect more taxes from companies and individuals with higher incomes.

The Russian government also wants to increase investment in non-oil and gas sectors, particularly in agriculture, due to the declining share of energy in Western markets.