If you think the Russian government is doing well thanks to oil and gas revenues…

Here is some data from BOFIT: “The revenue part of the Russian federal budget continues to deteriorate”, published today:”


The nominal revenues of the federal budget in June grew by only 1.5% compared to the same period last year. This results in a very large drop in real terms as the 12-month increase in consumer and industrial producer prices averaged 14% in June.

Production and export tax revenues in the oil and gas industry, which are largely set on the basis of world prices in dollars, rose by just over 10% compared to the same period last year.