Oil and gas revenues of the Russian budget in January increased by 58.7% year-on-year

The Ministry of Finance published preliminary results of budget execution for January. At the end of the month, the federal budget received 675 billion rubles. oil and gas revenues. This is 58.7% higher than in the same period last year. Non-oil and gas revenues amounted to RUB 1,721 billion, an increase of 84.8% year-on-year. The budget deficit was estimated at 308 billion rubles. In January 2023 it amounted to 1.649 billion rubles.

“The receipt of oil and gas revenues in January of this year was at a level slightly lower than their base amount, which is due to the deviation of monthly indicators of physical volumes from the predicted values,” it says press release Ministry of Finance. The agency expects oil and gas revenues to “sustainably exceed their baseline levels” in the coming months. Payments from auctions to secure quotas for the production of aquatic biological resources also contributed to the growth of non-oil and gas revenues, the Ministry of Finance clarified.

The volume of budget expenditures at the end of January amounted to 2.7 trillion rubles. This is 13.2% lower than the previous year. “The acceleration in spending funding in early 2023 was primarily due to the expeditious award of contracts and advance funding for selected contracted expenditures,” the Treasury added.

The news is being updated.