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Russia Reducing Share of Budget Revenue From Gas and Oil, Minister Says

2024-10-10 09:03

Wedoany.com Report-Oct 10,　Russia is reducing the share of budget revenue derived from gas and oil production and hopes to bring down its reliance on volatile commodities to about 23% by 2027, Finance Minister Anton Siluanov said in an interview broadcast late on Wednesday.

Siluanov, quoted by Russian news agencies, also told RT Television's Arabic service that new regulations on cryptocurrencies in Russia were not designed to generate income but rather as a mechanism to facilitate foreign trade.

Russia has been attempting to reduce its dependence on its oil and gas reserves, which face volatile markets, as a means to provide budget revenue.

Cryptocurrency regulations are seen as a tool to help Russia conduct foreign trade operations and skirt Western sanctions imposed after Russia's invasion of Ukraine.

Russia has faced delays in international payments with major trading partners such as China, India and the United Arab Emirates after banks in those countries have become more cautious due to pressure from Western regulators.

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gas / oil

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