The federal budget has not increased dependence on oil revenues – Kommersant

Oil and gas revenues account for approximately a third of federal budget revenues, said Finance Minister Anton Siluanov. According to him, the budget did not increase dependence on these incomes.

“No more no less than in previous years (the budget depends on oil and gas revenues.— “Ъ”). The federal budget replenishes approximately a third of its revenues from oil and gas sources,” Mr. Siluanov said in an interview with Rossiya 24 (quoted by TASS).

The macro forecast includes an oil price of about $70 per barrel. But, as the minister clarified, the budget takes into account $60 per barrel as part of the basic planned allocations, and the difference is sent to the National Welfare Fund (NWF). “Even if the oil price is lower than planned, we will be able to fulfill all obligations in any case, but we will form a slightly smaller National Welfare Fund. Although I am sure that we will meet our planned targets for the National Welfare Fund,” added Anton Siluanov.

By data Ministry of Finance, from January to November, federal budget revenues increased by 4.8% year-on-year, to 25.96 trillion rubles. Non-oil and gas revenues of the Russian budget during the reporting period reached 17.7 trillion rubles. and increased by 25.6%, oil and gas revenues decreased by 22.8%, to 8.2 trillion rubles. Mr. Siluanov saidthat the Russian federal budget deficit by the end of 2023 is expected to be 1% of GDP.

Details – in the material “Kommersant” “The budget reached the minimum deficit this year”.

Laura Keffer