Russian Budget Surplus More Than Quadruples on Energy Cash Spike
Cracking towers at a petroleum refinery in Nizhny Novgorod, Russia.
Source: Bloomberg
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Russia’s budget surplus more than quadrupled in November despite the financial drain of the war in Ukraine, recording another month of improvement thanks largely to dividends and a windfall tax paid by Gazprom PJSC.
The fiscal surplus reached 557 billion rubles ($9 billion) in the first 11 months of the year, the Finance Ministry said Monday, up from 128.4 billion rubles reported for January-October.