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Oil and gas revenues of Russian budget down 50.2% in January — ministry

Resources of the National Wealth Fund in the amount of non-received oil and gas revenues were used in connection with ‘fiscal rules’ for purposes of funding the federal budget deficit

MOSCOW, February 6. /TASS/. Russia’s federal budget revenues from the oil and gas sector amounted to 393 billion rubles ($5.1 bln) in January of this year, which is 50.2% lower than in the same period last year, according to data released on the Finance Ministry’s website.

"Oil and gas revenues totaled 393 bln rubles, which is smaller than indicators in the like period of the last year (by 50.2%), and their base size in January of this year, mainly in consequences of the decline of oil prices. In this connection, resources of the National Wealth Fund (NWF) in the amount of non-received oil and gas revenues were used in connection with ‘fiscal rules’ for purposes of funding the federal budget deficit," the ministry noted.

Accumulation of extra oil and gas revenues during periods of favorable price environment and the use of the funds of the NWF for covering the shortfall in oil and gas revenues in accordance with the ‘fiscal rule’ parameters ensure the immunity of the budget system to fluctuations in the flow of oil and gas revenues, the ministry added.