Russia's April oil and gas revenue to double, Reuters calculations show

MOSCOW (Reuters) - Russia's oil and gas revenue in April will almost double year on year to $14 billion thanks to rising prices, Reuters calculations show, emphasising the difficulties Western nations face as they seek to limit Kremlin income and stifle its military might.

The war 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.

Measures have also included restrictions on Russian oil purchases, financial operations and vessels, as well as a $60 a barrel price cap.

The projected April jump in Russia's oil revenue is bigger in percentage terms than the 30% increase expected for the whole of 2024.

Reuters calculations show Russia's projected April oil and gas revenue at 1.292 trillion roubles ($14 billion), up from 648 billion roubles in April 2023 and slightly down from the 1.308 trillion roubles last month.

Russia's Finance Ministry will publish the April data in early May.

Reuters' calculations are based on data from industry sources and official statistics on oil and gas production, refining and supplies on domestic and international markets.

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.

Russia's budget deficit for the first three months of the year narrowed to 607 billion roubles, or 0.3% of gross domestic product (GDP), supported by a recovery in energy revenue.

For 2024 as a whole, the government has budgeted for federal revenue of 11.5 trillion roubles from oil and gas sales, up 30% from 2023 and reversing that year's 24% decline owing to weaker oil prices and sanctions-hit gas exports.

(Reporting by Reuters; Editing by David Goodman)