Russia's oil and gas revenue seen up 60% y/y in July

Reuters calculations indicate Russia’s state oil and gas revenue (about one-fifth of total budget income) is projected to rise ~60% in July year-over-year, driven by higher global oil prices. The increase supports near-term fiscal inflows for the Russian government, albeit tied to commodity price moves.

Analysis

Reuters calculations indicate Russia’s state oil and gas revenue (about one-fifth of total budget income) is projected to rise ~60% in July year-over-year, driven by higher global oil prices. The increase supports near-term fiscal inflows for the Russian government, albeit tied to commodity price moves.