MOSCOW, April 7. /TASS/. The deficit of the Russian federal budget will amount to 2.4 trillion rubles ($29.42 bln) in the Q1 of 2023, according to the preliminary estimate of the Russian Ministry of Finance published on Friday.

"According to preliminary estimates, the volume of federal budget revenues in January - March 2023 amounted to 5.677 trillion rubles, which is 21% lower than the volume of revenues in the first quarter of 2022, which is associated with a reduction in oil and gas revenues. At the same time, there is a general positive dynamics of revenues in annual terms," the statement said.

The preliminary volume of federal budget expenditures in the Q1 of 2023 amounted to 8.077 trillion rubles ($99.04 bln), exceeding the same period last year by 34%, the ministry said.

The Ministry of Finance stated that the dynamics of non-oil and gas revenues and expenditure financing suggest a gradual stabilization of federal budget execution during the Q1 of 2023 and, in general, matches the budget law parameters.

"In general, the volume of federal budget expenditures in 2023 will be formed based on the maximum amount of budget appropriations approved in the budget law, as well as the amount of additional non-oil and gas revenues that are formed during the year (in accordance with the fiscal rule norms). This keeps the stability of the primary structural deficit within the boundaries of the budget law," the ministry said.