Revenues of the Russian Federation from the sale of oil and gas in January fell by 46%
Oil and gas revenues of the budget of the Russian Federation in January, according to preliminary data, amounted to 426 billion rubles and decreased by January 2022 by 46%. This is stated in the message of the Ministry of Finance of the Russian Federation.
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“Oil and gas revenues amounted to 426 billion rubles and decreased by 46% by January 2022, which is primarily due to a decrease in price quotations for Urals oil and a reduction in natural gas export volumes,” the report says.
The Ministry of Finance of the Russian Federation noted that, taking into account the decrease in the representativeness of price quotes for Urals oil, “as an objective price indicator of export prices for Russian oil, approaches are currently being worked out to switch to alternative price indicators for taxation purposes.”
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At the same time, according to a preliminary assessment of the implementation of the federal budget, oil and gas revenues amounted to 931 billion rubles in January 2023 and decreased by 28% by January 2022, mainly due to a reduction in domestic VAT and income tax.
At the same time, federal budget expenditures in January 2023 amounted to 3,117 billion rubles, exceeding the indicators of the same period last year by 59%.
Thus, the budget deficit of the Russian Federation in January reached 1,760 billion rubles (about $25 billion), which is comparable to the deficit of the federal budget for the entire last year, which amounted to approximately 3.3 trillion rubles.
Source: Ministry of Finance
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