Page 102 - RusRPTMar23

6.1.1 Budget dynamics - results
The Russian budget started January in its deepest deficit in years, according to the result released by the Ministry of Finance (MinFin) on January 6.
The figures published by the Ministry of Finance on the execution of the federal budget in January 2023 look catastrophic: the deficit for the month amounted to RUB1.76 trillion ($24.8bn) – the deepest January deficit since 1998, reports The Bell.
The poor fiscal performance in January stains otherwise upbeat opening of the year for the Russian economy with strong manufacturing PMI reading and upbeat growth outlook revisions.
The January deficit follows on from a similar monthly collapse in revenues in December that caused the federal budget to end 2022 with a 2.3% deficit for the whole year. In both cases the fall in revenues has been blamed on collapsing oil and gas revenues associated with the introduction of the EU’s oil embargo and oil price cap scheme.
102 RUSSIA Country Report March 2023 www.intellinews.com