Page 51 - bne IntelliNews monthly country report Russia February 2024

6.1.1 Budget dynamics - results
Preliminary figures from the Finance Ministry reveal that Russia's federal budget incurred a deficit of 878 billion rubles ($9.5 billion) for the period spanning January to November 2023.
The deficit of the federal budget was fully replenished on account of internal resources for the first time over the long period, Russian President Vladimir Putin said at the VTB Investment Forum "Russia Calling!"
"The federal budget deficit was fully financed on account of internal resources for the first time over the long period," the head of state said. "The Russian financial system by and large is in an absolutely normal, absolutely healthy condition.”
According to the ministry's statement, federal budget revenues for the same period totaled 25.963 trillion rubles, reflecting a 4.8% increase compared to 2022. Notably, key non-oil and gas revenues have displayed consistent growth for both the federal budget and the overall budget system.
During the first eleven months of 2023, federal budget expenditures reached 26.841 trillion rubles, indicating an 11.7% year-on-year increase.
In terms of oil and gas sales proceeds, Russia's federal budget generated 8.22 trillion rubles ($89.4 billion), marking a 22.8% decrease compared to the previous year. This decline is attributed to factors such as a high comparison
51 RUSSIA Country Report February 2024 www.intellinews.com