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Oil and gas budget revenues reach $19.61 bln in Q1 2023 — Finance Ministry

The ministry also noted that the level of Russia’s tax revenues from the oil sector will recover in the second half of 2023

MOSCOW, 7 April. /TASS/. The Russian budget received 1.6 trillion rubles ($19.61 bln) of oil and gas revenues in the Q1 of 2023, the Ministry of Finance said on Friday.

"Oil and gas revenues amounted to 1.6 trillion rubles and decreased by 45% year-on-year, which was primarily due to a decline in prices for Urals oil and a decrease in natural gas exports," the statement said.

The ministry noted that using funds from the National Wealth Fund to offset lost oil and gas earnings in accordance with the parameters of the budget rule protects the budgetary system's stability in the face of changes in these revenues.

According to the Ministry of Finance's preliminary estimate, non-oil and gas income for this period totaled 4 trillion rubles ($49.03 bln), showing a 4% decline over the same period in 2022 mostly as a result of a one-time refund of overpayments of income tax for previous periods in January 2023.

The ministry also noted that the level of Russia’s tax revenues from the oil sector will recover in the second half of 2023. "Clarification of the mechanism for determining the base of the relevant taxes, as well as the gradual reduction of price discounts for Urals oil will contribute to the gradual recovery of tax revenues from the oil sector, especially in the second half of this year," the report said.

The presence of unallocated reserves, as well as the release of budgetary appropriations in the amount of 1.496 trillion rubles ($18.34 bln) due to the advance transfer of certain transfers envisaged for 2023 to the Pension and Social Insurance Fund in December 2022, ensures increased flexibility in managing the structure of marginal budgetary appropriations in 2023, including, if necessary, directing them to unforeseen expenses, according to the Ministry of Finance.

The ministry added that the deficit of the Russian federal budget will amount to 2.4 trillion rubles ($29.42 bln) in the Q1 of 2023. "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.

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