Page 77 - RusRPTNov21

believe.
VTBC continue to expect the federal budget balance for this year to end up in a surplus of +(0.2-0.5)% GDP.
Federal budget revenues were up +RUB0.7tn y/y in September: oil & gas proceeds advanced +RUB0.3tn y/y, non-O&G increased +RUB0.4tn y/y. Out of the +RUB0.4tn y/y rise in non-O&G revenues, roughly +RUB0.3tn y/y can be attributed to VAT-collection.
Oil & gas revenues continue to benefit (in terms of y/y growth) from higher oil prices and the gradual pick up in crude oil extraction and exports.
77 RUSSIA Country Report November 2021 www.intellinews.com