Page 78 - RusRPTSept23

The Federal Treasury has narrowed the January–June deficit of the federal budget to 2.35 trillion rubles as of July 1 from a preliminary assessment of 2.595 trillion rubles by the Finance Ministry, according to the document published on its website August 18.
The treasury estimated income at 12.382 trillion rubles, nearly the same as the ministry, while spending assessment was cut by 244bn rubles to 14.732 trillion rubles.
The Finance Ministry said earlier that budget deficit amounted to 2.817 trillion rubles in January–July, according to a preliminary estimate. Revenue amounted to 14.525 trillion rubles, while spending was 17.341 trillion rubles. The federal budget law expects budget deficit at 2.925 trillion rubles in 2023.
Russia’s budget deficit increased slightly by RUB221.6bn ($2.3bn) in July
according to preliminary estimates, the Ministry of Finance (MinFin) said on August 8, increasing the total to RUB2.817 trillion ($29bn), or 1.8% of GDP.
The increase in the deficit follows on from a surge in budget revenues in June of RUB813bn that cumulatively has shaved nearly RUB1 trillion off the deficit since the disastrous January result that saw the budget start the year with a whopping RUB1.7 trillion deficit. The June result brough the cumulative deficit down to RUB2.5 trillion and back inside the 2% of GDP MinFin target, after the deficit increased to RUB3.3 in May.
Russia's oil-export revenue experienced a notable surge in July, reaching its highest point since November. This increase in revenue can be attributed to the country's crude oil prices surpassing a price cap established by the Group of Seven (G-7) nations. The International Energy Agency (IEA) reported these developments, shedding light on Russia's recent economic performance in the energy sector.
In July, the price of Russia's crude oil surpassed the $60 per barrel mark, breaching the G-7's price cap framework. The primary objective of this cap is to maintain Russia's presence in global oil markets while simultaneously controlling the flow of petrodollars into Moscow. The IEA's data revealed that the weighted average price for Russia's seaborne crude exports rose by $8.84 per barrel, settling at $64.41 per barrel.
Russia's advantageous position was further bolstered by a combination of factors, including the upsurge in global oil prices and the narrowing discounts on the nation's crude oil and petroleum products. As a result, Russia's earnings from its crude oil and fuel exports reached a significant milestone in July, amounting to $15.3bn. This figure represented an impressive increase of almost 20% compared to the previous month's earnings, as highlighted in the IEA's comprehensive monthly market report.
RUSSIA Country Report September 2023 www.intellinews.com