Page 85 - RusRPTSept22

Despite the decline in oil purchases from the West, Russia’s oil and gas budget revenues for the first six months of this year amounted to RUB6.4 trillion ($106bn). The country’s budget planned for RUB9.5 trillion ($157bn) in oil revenue this year. Every day, Russia makes about $600mn from oil exports; by the end of the year, it’s slated to make another RUB8.5 trillion ($140bn), leaving it with a third more oil revenue than it made last year, according to the forecasting consultancy TS Lombard.
The Russian federal budget surplus fell slightly to RUB482bn ($7.9bn) or 0.5% of GDP in the first seven months of this year to from earlier forecast of RUB1.373 trillion for January–June, the Finance Ministry said in a statement on its website on August 10.
Russia has been running a budget surplus all year, but the size has fallen from approximately 1% of GDP just before the war with Ukraine started in February to 0.5% now.
Russia’s tax take was hurt by the fall in gas revenues after Gazprom reduced flows of gas to Europe by 60% in June and then reduced it again to 20% in July.
The Finance Ministry said in April that it is expecting to finish this year with a deficit of 2% of GDP as most of the promised social support spending planned by the government will be spent in the fourth quarter, according to Russian Finance Minister Anton Siluanov.
In the first seven months budget spending stood at RUB15.295 trillion, and revenues were RUB15.777 trillion in the period.
85 RUSSIA Country Report September 2022 www.intellinews.com