MOSCOW, June 25 (Reuters) - Russia's oil and gas revenue in June is set to rise by more than 50% year on year to $9.4 billion, Reuters calculations showed, after a decrease in subsidies to refineries and reflecting the Russian economy's ability to limit the impact of sanctions.
These revenues have been the most important single source of cash for the Kremlin, accounting for around a third to a half of total federal budget proceedings for the last decade.
The military conflict in Ukraine has prompted the West to impose multiple sanctions aimed at curbing Russian oil and gas income that accounts for about a third of the country's federal budget.
Russia was able to divert oil exports away from Europe to India and China, securing the much-needed financial flows for its budget, which is in deficit as Moscow spends heavily on defence and security.
Reuters calculations show Russia's projected June oil and gas revenue at 814 billion roubles ($9.4 billion), up from 794 billion roubles in May and 529 billion roubles in June 2023.
The Russian economy is growing by around 5%, based on the increase in gross domestic product (GDP) over the first half, Russian President Vladimir Putin said on Friday according to the Interfax news agency.
"We will see what the first half brings, but something around 5% growth for the country's GDP," Putin said at a gathering of university graduates.
Western sanctions have in fact failed to put a brake on the Russian economy. According to the Rosstat statistical office, GDP rose by 5.4% in the first quarter.
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