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Ministry sees shortfall in Russia’s expected oil and gas revenues in January

In December 2022, the Russian Ministry of Finance expected $2.81 bln worth of additional oil and gas budget revenues

MOSCOW, January 11. /TASS/. In January 2023, Russia’s federal budget is expected to see a shortfall of 54.5 bln rubles ($780 mln) in oil and gas revenues, the Finance Ministry revealed in a statement on Wednesday.

"The federal budget’s oil and gas revenue is projected to fall short by 54.5 bln rubles in January 2023. Therefore, the total amount of funds allocated for sale of foreign currency amounts to 54.5 bln rubles. Transactions will be carried out from January 13, 2023, to February 6, 2023, respectively, with daily amount of foreign currency sale equaling 3.2 bln rubles," the statement reads.

Due to existing risks of a decline in actual gas export volumes compared to the forecasted revenues from the export duty on gas may be lower in volume, which will be considered in its review in the following months, the ministry added.

In December 2022, the Russian Ministry of Finance expected 176.1 bln rubles ($2.81 bln) worth of additional oil and gas budget revenues.

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