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aThu, Jan 11, 2024 2:21:00 p.m. +0100 b11.01.2024 2:21 p.m. c
Updated: November 1, 2024, 2:21 p.m. Issued: November 1, 2024, 11:00 a.m
Oil production in Russia. Illustrative photo. CTK/AP/Dmitry Lovetsky
Moscow – Russian state budget revenues from oil and gas fell by around 24 percent last year to 8.822 trillion rubles (around CZK 2.2 trillion), from 11.586 trillion rubles the previous year. Lower oil prices contributed to the decline, according to today’s Russian Finance Ministry data cited by Reuters.
In last year’s budget, the Russian government assumed that budget revenues from oil and gas would amount to 8.939 trillion rubles. That would be more than 34 percent of total budget revenue.
In December itself, Russian budget revenues from oil and gas fell by almost a third to 650.5 billion rubles (around CZK 164 billion), compared to 961.7 billion rubles last year.
Tax and customs revenues from the sale of oil and gas are crucial to the Russian budget. However, they came under considerable pressure from last year’s attack on Ukraine. Revenues are being undermined, for example, by the oil price cap introduced by Western countries or the closure of the Nord Stream gas pipeline through which gas flowed to Europe.
Russia’s budget deficit fell slightly last year and amounted to 1.9 percent of GDP
Last year, Russia reported a budget deficit of 3.24 trillion rubles (around CZK 820 billion), which corresponds to 1.9 percent of gross domestic product (GDP). The Russian Ministry of Finance announced this today based on preliminary data. This means that the deficit decreased slightly compared to the previous year. However, it was higher than the government had originally planned, Reuters reports.
Last year’s budget assumed that the deficit would reach 2.93 trillion rubles. Last year, according to earlier data, the budget deficit amounted to 3.29 trillion rubles. Due to the war in Ukraine, Russia is now investing large sums in the military and armaments industry.
Budget revenues rose nearly five percent last year to 29.12 trillion rubles, while budget spending rose four percent to 32.36 trillion rubles.
The Ministry of Finance said today that Russian budget revenues from oil and gas fell by about 24 percent last year. However, this decline was offset by a 25 percent increase in other income.
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