Page 75 - RusRPTOct22

May is classified. In April, the first monthly budget deficit was
recorded.
· Federal budget revenues fell by 11% y/y in August after 26% in
July. For eight months of the year, budget revenues amounted to RUB17.607 trillion, or 70.4% of the annual plan, expenditures - RUB17.469 trillion, or 73.7%.
· In August, oil and gas budget revenues decreased by 3.4% compared to August last year, non-oil and gas - by 13.7%. Oil and gas revenues in August declined to RUB672bn rubles, while non-oil and gas revenues were down to RUB1.16 trillion.
· Oil and gas revenues for eight months amounted to RUB7.818 trillion (81.9% of the plan for the year), non-oil and gas to RUB9.789 trillion (63.2%).
· Russia’s state-owned gas giant Gazprom said earlier that production was down by 15% y/y in the first eight months of the year and exports, mostly to Europe, were down by more than a third. Gas sales make up about a fifth of Russia’s export revenues and oil about two thirds.
· Revenues from turnover taxes and fees related to domestic production were executed by 73.6%, with imports - by only 52.5%. Revenues from income taxes - by 76.4%.
· VAT on imported goods for eight months amounted to 54% of the annual plan, excises on imported goods - 41.6%, import customs duties - 48%. This is due to the decline in the supply of goods to Russia due to sanctions.
· In August VAT collections on imported goods were down by 26% y/y, due to a drop in imports amid the sanction. However, the situation with imports seems to be improving as new supply chains are formed, as seen in the 40% m/m gain in VAT receipts on imports in August.
· The Ministry of Finance did not disclose budget expenditures by sections (this data has been classified since June). In the last month of complete statistics - April - expenditures under the item "National Defence" in nominal terms increased by almost 2.5 times, or by 130% (almost RUB630bn against RUB275bn in April 2021).
75 RUSSIA Country Report October 2022 www.intellinews.com