MOSCOW, September 6. /TASS/. The Russian federal budget received 7.6 trillion rubles ($84.13 bln) in oil and gas revenues in January - August 2024, which is 56.2% more than the results for the same period last year. At the same time, non-oil and gas budget revenues for 8 months increased by 27.3% and amounted to 15.47 trillion rubles ($171.26 bln), the Russian Ministry of Finance reported.

According to the report, such an increase in oil and gas revenues was mainly due to growing prices of Russian oil. The favorable conditions are expected to continue in the coming months. "Oil and gas revenues were at a level exceeding their base volume, and in accordance with the parameters of the forecast of socio-economic development, a steady excess of oil and gas revenues over their base level is also expected in the following months," the Ministry of Finance said.

The report also said that the dynamics of non-oil and gas tax revenues are ahead of the trajectory established when the budget law was drafted. "Non-oil and gas revenues of the federal budget amounted to 15,473 bln rubles and increased by 27.3% compared to the same period of the previous year. Revenues from labor taxes, including VAT, increased by 15.5% in January-August and exceeded the planned level, which creates a stable base for further accelerated revenue growth," the report said.

The Finance Ministry added that the results show "stable positive dynamics" in budget revenues. In particular, additional oil and gas revenues will replenish the National Wealth Fund, which can then be used in a less favorable economic environment in accordance with the parameters of the "budget rule".

The Finance Ministry also said that Russia’s federal budget deficit amounted to 331 bln rubles ($3.6 bln) in January-August 2024, according to preliminary figures.

Budget revenues amounted to 23.029 trillion rubles ($256 bln) in the reporting period, which is 35.5% higher than last year. Expenditures increased by 22.2% to 23.360 trillion rubles ($260 bln).