Russian oil and gas budget revenues almost halved in January - June - Reuters

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• This content was produced in Russia, where the law restricts coverage of Russian military operations in Ukraine.

MOSCOW, July 5 (Reuters) - The Russian budget's oil and gas revenues fell by 47% to 3.38 trillion roubles ($37.4 billion) in the first half of the year from the same period in 2022, finance ministry data showed on Wednesday, as tax returns fell because of lower prices and sales volumes.

Proceeds from oil and gas sales are crucial for Russia's commodity-oriented economy and for the financing of what it calls its "special military operation" in Ukraine.

The oil and gas revenues declined by 26.4% in the month of June, year on year, to 528.6 billion roubles - less steep than the 36% fall seen in May.

Russia's energy revenues have been squeezed by a western price cap on its oil and by the closure of the Nord Stream gas pipelines to Europe that were blown up last September. Investigators have yet to establish who was responsible.

Russia's budget deficit hit $42 billion for the first five months of the year, already 17% above the plan for the whole of 2023.

June's oil and gas budget revenues were down 7.4% from May, mainly due to lower proceeds from a mineral extraction tax (MET) on oil and gas and from export duty on natural gas.

Proceeds from the MET fell to 631.6 billion roubles in June from May's 703.6 billion roubles, while export duty declined to 57.7 billion roubles from 66.1 billion roubles in May.

Budget subsidies to refining companies from an "oil reverse excise tax" declined to 73.9 billion roubles from 91 billion roubles in May.

Payments to refineries under the "damping mechanism" - introduced to stop companies from capitalizing on high fuel export prices and defend the domestic market - fell to 78.6 billion roubles from 103.5 billion roubles in May.

The finance ministry projects oil and gas revenues this year to decline by 23% to 8.94 trillion roubles, while the budget deficit is seen at almost 3 trillion roubles, or 2% of gross domestic product.

($1 = 90.5000 roubles)

Reporting by Darya Korsunskaya; writing by Vladimir Soldatkin; Editing by Mark Trevelyan

Our Standards: The Thomson Reuters Trust Principles.

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