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Russia’s budget has surplus in 9 months of 2022 despite sanctions, says Finance Minister

At the same time, non-oil and gas budget revenues decreased by almost 4% in the first nine months of 2022

MOSCOW, November 29. /TASS/. The sanctions have not affected the execution of the federal budget; in the first 9 months of 2022, the budget surplus amounted to 0.2% of GDP, Finance Minister Anton Siluanov said at a cabinet meeting on Tuesday.

"Indeed, the sanctions and restrictions did not affect the execution of the federal budget. All obligations are being fulfilled in full and uninterruptedly. At the end of the reporting period, the federal budget was executed with a surplus of 0.2% of GDP, or more than 200 billion rubles ($3.3 bln)," he said.

The Minister noted that in the reporting period revenues turned out to be higher compared to last year.

"Revenues is also higher than last year's revenues. We see that this year's revenues amounted to 19.7 trillion rubles ($324 bln) in nine months," Siluanov said.

"Revenue growth was mainly thanks to oil and gas revenues. They increased by more than 37%. This year, the situation with oil and gas price was favorable, as well as a number of changes that we adopted in tax legislation," he said.

At the same time, non-oil and gas budget revenues decreased by almost 4% in the first nine months of 2022.

"Non-oil and gas revenues have slightly decreased, which is primarily due to changes in import supplies and changes in the tax base. The reduction in non-oil and gas revenues was about 4%," the minister said.