Russia’s oil and gas revenues decreased by 52% year-on-year in January-April
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Ministry of Finance of Russia published preliminary assessment of the execution of the federal budget for January-April 2023. Budget revenue amounted to 7.7 trillion rubles, which is 22% lower than in the same period last year. Non-oil and gas revenues grew by 5%, amounting to 5.5 trillion rubles. Oil and gas, on the contrary, decreased by 52%, to 2.2 trillion rubles. According to the agency, this is due to the high base of last year, the decline in quotations for Urals oil and the reduction in gas exports.
Federal budget expenditures in the first quarter of 2023 amounted to 11.2 trillion rubles. This is 26% higher than the same period last year.
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