Page 135 - RusRPTAug24

President’s Address to the Federal Council, including regarding financing of programs for development and formation of perspective financial plan for 2025-2030, is ensured.
"The built-in parametreization of the revenue base and expenditure commitments of federal budget ensures the primary structural balance starting 2025 in accordance with fiscal rule parametres. This will strengthen the restraining influence of transactions in the budget sector on inflation processes, while in the midterm it will support the stability of the budget system and back up Russia’s macroeconomic and financial stability," the ministry said.
KSE Institute projects Russian oil revenues to reach $177bn and $141bn in 2024 and 2025 under the base case with current oil price caps and stronger sanctions enforcement. However, if sanctions enforcement is weak, Russian oil revenues could increase, reaching $198bn in 2024 and $186bn in 2025.
Russia's Oil and Gas Revenues Grew by More Than 50%. In June of last year, revenues amounted to ₽529bn. This year, the expected revenue is ₽814bn. For May 2024, earnings were ₽794bn compared to ₽529bn a year earlier. Overall, for January-April 2024, oil and gas revenues in the budget increased by 82% and are comparable to the record levels of 2022. Reuters explains this phenomenon as being due to the ineffective G7 price caps and the increased prices caused by Western sanctions.
The Russian Ministry of Finance expects additional oil and gas revenues from the Russian budget in July in the amount of RUB145.3bn ($1.66bn), the ministry said in a statement. Previously, the Ministry reported that the amount of payments from the Russian budget to oil companies for fuel dampers in June amounted to RUB158.1bn ($1.8bn).
Over the first five months of the year, oil export earnings have averaged $17.3bn (vs. $16.7bn in H2 2023). Budget revenues have remained broadly stable and stood at 870bn rubles on average in January-May 2024. The increase in January-May 2024 vs. H1 2023 is pronounced—22% for exports and 76% for budget revenues
In the first half of 2024, the Russian Federal Customs Service has transferred 3.361 trillion rubles ($38.23bn) to the budget, Head of the service Valery Pikalev said at a working meeting with Russian President Vladimir Putin.
"With regard to the management of customs payments, I can report the following - in the first half of the year, the collected revenues amounted to 3.361 trillion rubles. At the same time, the effectiveness of customs control has increased, with 11bn rubles being recovered under the risk management system," he said.
135 RUSSIA Country Report August 2024 www.intellinews.com