Russia's Oil Tax Revenue Projected to Nearly Double to $9 Billion in April

Russia's primary oil tax revenue, known as the mineral extraction tax, is projected to nearly double to about $9 billion (700 billion rubles) in April from 327 billion rubles in March, according to Reuters analysis.

The surge is attributed to a global energy crisis sparked by US and Israeli attacks on Iran, which led to the closure of the Strait of Hormuz and pushed Brent crude oil prices above $100 per barrel. Russia, the world's second-largest oil exporter, has benefited most from the rising prices.

In March, the price of Russia's Urals oil blend reached $77 per barrel, its highest level since October 2023 and exceeding the budgeted price of $59 per barrel.

Russian officials and economists have warned that the revenue gains may be temporary. They cite ongoing pressures, including Ukrainian strikes on Russia's energy infrastructure, as factors that could limit the benefits.