It is assumed that by the end of the year the “hole” in the Kremlin ark exceeds even the increased plan of the Ministry of Finance, which is currently 1.7% of GDP.
When it comes from producing oil and gas to the Russian budget it is constantly reduced. In August, companies pay 505 billion rubles – 35% less than last year. It was reported by TMT that there was a reference to the Ministry of Finance of the Russian Federation.
According to the results of eight months, oil and gas revenues were reduced by 20%, or 1.5 trillion rubles. The reduction rate was accelerated: from January to April, autumn was 14%, by the end of May – 14.4%, by the end of June – 17%, which was July – 17.7%.
In August, revenues from oil boiling boards decreased by 34% compared to last year, paying for gas for gas decreased by half, while exporting duties for hydrocarbons fell 45%.
Initially, 10.94 trillion rubles from energy sources were laid on the budget, where 1.8 trillion should change the National Welfare Fund again. Due to the collapse of oil prices and Ruble boosting, it is expected to reduce revenue to about a -quarter, up to 8.32 trillion rubles.
Due to the failure of the flow of raw materials, the budget deficit increases: by the end of July, it reached 4.9 trillion rubles. According to the results of the year, the “Hole” in Treasury will exceed an increase in the Ministry of Financial Plan, which is now 1.7% of GDP.
Other Kremlin income is also at risk due to a rapid slowdown in the economy. Therefore, analysts warn about further tax increases, even if the fighting in Ukraine has stopped.
Meanwhile, Reuters resources reported that the Russian Federation plan to reduce oil exports from Primorsk, UST-Luga and Novorossiysk ports in September to 1.9 million barrels daily from nearly 2.0 million in August.
Completion of arrangement in a number of refineries in late August -early September will increase processing, which should lead to a reduction in the export of raw materials. At the same time, changes in repair and external factors can significantly adjust the shipment plan for September.
In August, exporting and traveling oil from the western port of the Russian Federation grew 200 thousand barrels per day due to attacks of seedlings, which disabled the refinery component, liberating additional volumes to export.
According to Reuters, in September, the volume of RF NPC capacities can be reduced by about 0.22 million barrels per day compared to Augustus, which will reduce the resources available for exporting. The capacities of primary processing in the Russian Federation Refineries in September may drop to 5.5 million tons after a record of August – 6.4 million tons.
As you know, foreign oil tanks are temporarily not allowed to load to the main black ports of the Russian sea due to new policies.
We added that the Russian Federation could lose $ 19 billion due to a new ceiling of oil prices. The new European Union penalties, which include a flexible ceiling of prices for Russian oil, can remove Russian budget of every fifth ruble of planned oil and gas income.
Russian Federation’s oil revenues have collapsed a third
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.