16:05 GMT05 December 2020
Listen Live
    Get short URL

    Unexpectedly high profits may come as the result of a greater rise in oil and gas prices than projected by the Russian Finance Ministry. According to an announcement by the ministry, the profits will be used by the central bank to buy foreign currency.

    The Russian Finance Ministry has suggested amending the Russian federal budget, with one of the amendments reading that the projected oil and gas profits have risen from $8,43 billion to some $43,8 billion in 2018. With budget spending remaining roughly at the same level, Russia will have a projected budget surplus of $7 billion.

    According to the ministry's announcement, the projected profit has risen due to the higher than expected oil and gas prices. In May 2018, the difference in projected income had reached $5 billion.

    READ MORE: Money Talks: Why EU is Increasingly Buying Russia's Gas Despite Sanctions

    The ministry plans to use the extra funds to increase the country's foreign currency reserves. The Russian Central Bank will be tasked with gradually buying currency over time, the ministry's announcement said.


    Sudan Invites Russia to Take Part in Country's Oil, Gas Projects - Ministry
    US Sets Date For Largest Oil, Gas Lease Sale in History
    Russia's Gazprom Oil Giant Hints at Coming Gas Shortage in Europe
    Hezbollah Ready to 'Decisively Confront' Israel Over Offshore Oil, Gas Deposits
    US Oracle Informs Russian Oil, Gas Companies About Joining Sanctions - Reports
    Russian Energy Minister Predicts Global Investment Growth in Oil-and-Gas Sector
    Ankara Says Greek Cypriots’ Offshore Gas, Oil Drilling in Cyprus Unacceptable
    budget revenues, budget surplus, oil prices, oil business, gas prices, Russian Finance Ministry, Russia
    Community standardsDiscussion