Russian Oil Taxes Near 18-Year Low Deepen Nation’s Budget Pain

Russia’s main taxes on crude oil remain near record lows, putting pressure on budget revenue just as the government plans to inject trillions of rubles into the virus-hit economy.

The budget will get some $1.13 for each barrel of oil exported in June, according to Bloomberg calculations based on Finance Ministry data. That’s 22% higher than in May as crude prices recover from last month’s depths. Still, the levy remains near the lowest since 2002 when the current oil-tax mechanism was introduced. The production tax for April may have dropped to an 18-year low, according to Bloomberg calculations.

Russia’s oil-export ...