In Russia, they calculated budget losses due to cheap oil, since the beginning of the year oil and gas revenues amounted to less than a third of revenues, indicate in the Accounts Chamber. In total, their share was only 29.3 percent.

" It is specified that the most significant decrease in income was recorded for the mineral extraction tax (MET) in the form of hydrocarbons and for export customs duties on crude oil and natural gas.

Earlier in August, the Ministry of Finance reported that the losses of the Russian budget in July 2020 due to cheap oil amounted to 92.

5 billion rubles.. According to the fiscal rule, when oil prices exceed $ 42.4 per barrel, additional revenues from its sale go to the National Welfare Fund (NWF). When the cost of raw materials falls, the currency is sold to cover the budget deficit.

In 2020, world oil prices hit. This happened amid the coronavirus pandemic and the collapse of the OPEC + deal. After the conclusion of a new agreement, the cost of raw materials began to gradually recover..