MOSCOW, February 11. /TASS/. The Russian federal budget received 789 billion rubles ($8.1 bln) in oil and gas revenues in January, which is up 16.9% year-on-year, non-oil and gas revenues increased by 9.3% year-on-year to 1.9 trillion rubles ($19.6 bln), the Finance Ministry reported on its website.
"Oil and gas revenues amounted to 789 billion rubles, exceeding the same period last year (by 16.9% year-on-year), mainly due to the growth of the average dollar exchange rate and gas prices. Meanwhile, oil and gas revenues in January of this year were at a level exceeding their baseline, and in accordance with the parameters of the socio-economic development forecast, a steady excess of oil and gas revenues over their baseline is also expected by the end of the year," the report says.
The Finance Ministry also noted that the accumulation of additional oil and gas revenues during periods of favorable price conditions and the use of National Wealth Fund resources to cover lost oil and gas revenues in accordance with the fiscal rule ensures the stability of the budget system to fluctuations in the receipt of oil and gas revenues.
Non-oil and gas revenues increased by 9.3% to 1.9 trillion rubles ($19.6 bln). VAT receipts decreased by 1.1% to 905 billion rubles ($9.3 bln). The Finance Ministry explains this by accelerated tax refunds in the first month of the quarter and notes that this will not affect the quarterly revenue dynamics. "In general, the trend of non-oil and gas revenues at the beginning of this year, along with the higher level of the tax base last year, create preconditions for a significant excess of the dynamics laid down in the formation of the budget law," the report says.