Russia is gradually getting off the oil needle – Kommersant

President Vladimir Putin, speaking at the St. Petersburg International Economic Forum, said that Russia is gradually getting off the oil needle, the real sector of the economy is gaining momentum.

“The Russian part of the audience probably remembers and knows, we always said: ‘When will we get off the oil and gas needle?” Well, this trend is gradually gaining momentum,” the president said.

Vladimir Putin mentioned the dynamics of non-oil and gas revenues. In January-May, they grew by 9.1%, which is “significantly higher than expected.” In May, the rate was +28.5%. “This is an important indicator that the real sector of our economy, its manufacturing enterprises, trade and services are developing and gaining momentum,” the head of state emphasized.

At the Ministry of Economy spokethat in 2023 oil and gas exports will decrease by 6.7% in real terms, non-oil and gas exports will recover due to the reorientation of supplies to friendly and neutral countries. According to the agency’s forecasts, non-oil and gas exports will grow at a faster pace (by an average of 4.1% per year).

Over the five months of 2023, oil and gas revenues decreased by 50% compared to the previous year, and the budget deficit is 3 trillion rubles. As part of the fight against the deficit, the government, in particular, approved draft law on the introduction of a tax on excess profits of past years. The contribution to the federal budget can be paid in the amount of 5% in 2023 or 10% in 2024.

The Ministry of Finance, amid the need to replenish the budget, wants to deprive depleted fields, which account for more than a quarter of oil production in the Russian Federation, of tax benefits. We are talking about a deduction from the MET in the amount of 20%, which was supposed to earn in 2024. How wrote “Kommersant”, the transfer could bring the budget about 460 billion rubles. within three years.

Lusine Balasyan