Page 44 - RusRPTFeb22

expected to slide to R2.9 trillion, down from R4.4 trillion this year. In 2022-23, it will stabilize at R2.1-2.4 trillion, thus substantially exceeding the expected budget deficit.
The reason for this is that the government plans to start accumulating additional oil and gas revenues in the NWF to the tune of about R0.7 trillion in 2022 and R0.8 trillion in 2023.
Main parameters of 2021-2023 federal budget
2020
2021
2022
2023
Revenues RUB trillion
17.9
18.77
20.64
22.26
Expenditures RUB trillion
22.6
21.5
21.9
23.7
Budget deficit RUB trillion
-4.7
-2.8
-1.2-1.4
-1.2-1.4
Budget deficit % GDP
-4.4
-2.4
-1.0-1.1
-1.0-1.1
State borrowing RUB trillion
5.2
3.7
2.1-2.4
2.1-2.4
GDP nominal value RUB trillion
115.53
124.22
132.82
Urals price - fiscal rule $
43.3
44.2
45
Urals price - budget assumption $
45.3
46.6
47.5
Assumed OPEC+ budget adjustment RUB bn
91
703
787
NWF year end balance RUB trillion
12.49
12.64
13.47
Source: Ministry of Finance
44 RUSSIA Country Report February 2022 www.intellinews.com