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billion rubles. higher than the base level provided for by the budget rule, but by 73 billion rubles. below the forecast of the Ministry of Finance (adjusted for the seasonality of additional income tax [ATI] payments). The Ministry of Finance expects that in May OGD will exceed the baseline level by RUB 184 billion.
Taking into account the non-fulfillment of the forecast for oil and gas revenues in April, the Ministry of Finance will reduce the volume of purchases of foreign currency and gold from the Bank of Russia. In the period from May 8 to June 6, their daily volume will be the equivalent of 5.6 billion rubles. (after purchases in the equivalent of 11.2 billion rubles in the period from April 5 to May 7). Taking into account the mirroring of other NWF operations (financing the federal budget deficit in 2023 and NWF investments in 2H23), implying sales of yuan in the equivalent of 11.8 billion rubles, the Bank of Russia will significantly increase the final sales of yuan in the domestic foreign exchange market. Their daily volume will increase from May 8 in the equivalent of 0.6 billion rubles. up to 6.2 billion rubles.
Some Russian billionaires have given up trying to keep their money in the West and are now resigned to bringing it back to Russia where it faces the ever-present risk of being seized by the Kremlin, Bloomberg reported on May 8. The threat of asset seizure is very real – a UK Defence Ministry report last month said the Kremlin had taken control of around 180 companies worth about $11.5bn since the start of the full-scale invasion of Ukraine.
121 RUSSIA Country Report June 2024 www.intellinews.com