The Russian budget posted a deficit of 2.4 trillion rubles in the first quarter

Russia’s federal budget posted a deficit of 2.4 trillion rubles (about $29 billion) in the first quarter of this year.

In the written statement made by the Ministry of Finance of Russia, it was indicated that budget revenues were realized at the level of 5.6 trillion rubles in the first quarter of this year.

Noting that 4 trillion rubles of budget revenues were obtained from non-oil and natural gas revenues, it was noted that budget expenditures in the said period reached the level of 8 trillion rubles.

Consequently, Russia’s federal budget posted a deficit of 2.4 trillion rubles in the first quarter of the year.

OIL AND NATURAL GAS REVENUES FELL 45 PERCENT

In the statement, in which it was reported that oil and natural gas revenues decreased by 45 percent in the first quarter of this year compared to the same period of the previous year, the correction in the Ural oil price of Russia and the decline in natural gas exports. as the main reason for the decline.

In the statement, it was indicated that the processes of provision of non-oil and gas revenues and the financing of expenses point to the gradual normalization of budget execution.

In the statement, which included the information that the reserves of the National Welfare Fund were used to close the budget deficit, it was emphasized that the discount applied by Russia on the export of Ural oil is expected to decrease especially in the second half of the year. . (AA)