Russia completed its oil tax overhaul in January 2024, eliminating export duties entirely. Federal oil revenues now flow almost exclusively through the mineral extraction tax, or MET, calculated on price multiplied by volume extracted – not exported. The Russian state gets paid when oil comes out of the ground, not when it leaves the country. Last year, that generated roughly $108 billion (£81 billion) for the federal budget – an average of around $9 billion (£6.7 billion) per month – at a Urals crude oil price averaging between $62 (£47) and $65 (£49) per barrel. This counted as a bad year; revenues fell 24 per cent compared to 2024 as prices softened and sanctions bit.

I mean, the United States could take a lesson on how to make capitalism work better for the nation. But no, we’re going with the model you so aptly and efficiently describe.