Russia’s oil and gas revenues are below plans

Russian Finance Minister Anton Siluanov stated that his country’s non-oil and natural gas revenues increased, saying: “However, the problem is with oil and gas revenues. Taking into account the conditions and all the discounts, we see that they are behind the plans for now.

Siluanov made assessments at the government meeting chaired by Russian President Vladimir Putin.

Noting that budget revenues reached 30 percent of the total planned annual revenue, Siluanov said: “Budget expenditures were realized at a rate of 39 percent. Therefore, there is a temporary imbalance in the budget that we must correct, ”he said.

Siluanov stated that there has been an increase in non-oil and natural gas budget revenues, saying: “Non-oil and natural gas revenues are increasing as planned. So we expect a slight increase in non-oil and gas revenue, probably by the end of the year.”

Emphasizing that there was a decline in oil and natural gas revenue, Siluanov said: “However, the problem is in oil and gas revenue. Taking into account the conditions and all the discounts, we see that they are behind the plans for now.

The countries of the European Union agreed in December 2022 to apply a maximum price of 60 dollars per barrel to oil transported by sea from Russia.

Many countries that continue to buy Russian oil, especially China and India, are asking Russia for discounts, pointing to potential sanctions risks. (AA)