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Russia’s extra non-oil and gas revenues will exceed $32.7 bln in 2023 — finance minister

Anton Siluanov noted that the key task of the Finance Ministry is to develop the economy in such a way that it can be less dependent on market conditions

MOSCOW, December 26 /TASS/. Additional revenues from the non-oil and gas sector of the economy will amount to more than 3 trillion rubles ($32.7 bln) in 2023, Russian Finance Minister Anton Siluanov said in an interview with the Rossiya-24 TV channel.

"This year we see good revenues from the economy. We said that this year only additional income from the economy not related to oil and gas will amount to more than 3 trillion rubles. 3.1 trillion rubles is the resource that we used this year," he said.

Siluanov noted that the key task of the Finance Ministry is to develop the economy in such a way that it can be less dependent on market conditions.

"But we do not have such a key task to completely free ourselves from income received from the oil and gas sector. We understand that part of our economy is a raw material economy. <…> This is a high-tech sector. To extract oil now requires a lot of intellectual labor, a lot of costs of new technologies. This is what is being done," the minister said.

About the budget

On November 27, Russian President Vladimir Putin signed the law on the federal budget for 2024 and for the planning period 2025-2026.

According to the law, Russian budget revenues will amount to 35.065 trillion rubles ($382 bln) in 2024, 33.552 trillion rubles ($366 bln) in 2025 and 34.051 trillion rubles ($371 bln) in 2026. Expenses are expected at 36.66 trillion rubles ($400 bln), 34.382 trillion rubles ($375 bln) and 35.587 trillion rubles ($388 bln) respectively. The deficit is expected to amount to 1.595 trillion ($17.4 bln) in 2024, 0.83 trillion rubles ($9 bln) in 2025 and 1.536 trillion rubles ($16.7 bln) in 2026.

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Anton Siluanov Finance Ministry

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