Russia’s Budget Surplus More Than Quadrupled in November, Energy Profits Booming Spectacularly

Russians must be thinking “hey – we should have invaded the Ukraine earlier!”


Russia’s budget surplus more than quadrupled in November, recording another month of significant growth in revenues from fossil fuels, according to the latest Finance Ministry report.

Data released on Monday shows that the surplus reached 557 billion rubles ($9 billion) in the first 11 months of the year. That’s up from 128.4 billion rubles (over $2 billion) reported for January-October.

The report said that revenues from oil and gas have been surging, already exceeding the full-year target in the first 11 months. The budget received more than 10 trillion rubles (around $160 billion) in revenue from energy exports, up by 111.7% for the year.

Analysts attributed the fiscal surplus to dividends and a windfall tax paid by energy giant Gazprom. The temporary windfall payments were set by the government after Russian oil and gas companies reported record profits this year, despite the Western sanctions.

These Western sanctions are really boosting the Russian economy.

But when you compare it to the Western economies, it’s really amazing. Russia is zooming past the West.