MOSCOW: Proceeds from oil and gas sales for Russia’s federal budget in October jumped about 57% from September to 1.21 trillion roubles ($12.35 billion), finance ministry data showed on Tuesday, thanks to the once-a-quarter payment of profit-based oil tax.

That’s against a forecast of 1.17 trillion roubles based on Reuters calculations, and down from 1.63 trillion roubles in October 2023.

Oil and gas revenue has been the most important source of cash for the Kremlin, accounting for about a third to a half of total federal budget proceeds over the past decade.

The data showed that the payments under the profit-based tax amounted to 491.6 billion roubles last month comparing to just 500 million roubles in September.

For 2024 as a whole, the government has budgeted for federal revenue of 10.7 trillion roubles from oil and gas sales, up 21% from 2023, when weaker oil prices and a fall in gas exports reduced revenue by 24%.

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That 2024 target was revised down from initial plans for 11.5 trillion roubles.

Russia has heavily increased defence and security spending since launching what it calls its special military operation in Ukraine in February 2022, leading to two consecutive annual deficits exceeding 3 trillion roubles, about 2% of GDP.