Russian Finance Minister Anton Siluanov said today that oil and gas revenues have declined, leading to a budget deficit this year.
“Still […] we covered about 30% of annual revenues and 39% of expenses for this year,” he said during a televised government meeting chaired by President Vladimir Putin. “Therefore, we still have a temporary imbalance that must be balanced as the budget is executed,” he continued.
Russia recorded a deficit of 3.4 trillion rubles ($44 billion) in the first four months of this year. Spending has increased mainly due to Moscow’s military intervention in Ukraine, while, on the other hand, oil and natural gas revenues have fallen.
According to preliminary data, in the four months of the year, expenses increased by 26.3% year on year, while revenues decreased by 22.4%.
OPEC+ countries agreed to cut oil production at the end of 2022 to support the market as the economic situation worsened, and further cuts were announced in April. OPEC+ will meet again in June.
Source: APE-MPE, Reuters.
Source: Kathimerini
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