The federal budget of Russia in January 2023 was executed with a deficit of 1.776 trillion rubles, which is 14 times higher than its volume in January 2022.
Interfax wrote about this on February 6, citing preliminary data from the Russian Ministry of Finance. For comparison: in January 2022, the budget was executed with a surplus of 125 billion rubles.
As noted by the Russian RBC, the budget deficit in January was a record this month. The deficit amounted to 60% of the plans for 2023 – the law on the budget for the whole of 2023 provides for a deficit in the amount of 2.93 trillion rubles.
According to the Ministry of Finance of the Russian Federation, revenues in annual terms decreased by 35%, to 1.36 trillion rubles, while expenses increased by 59%, to 3.12 trillion rubles.
Oil and gas revenues in January fell by 46%, which, according to the Ministry of Finance, is primarily due to lower prices for Urals oil and a reduction in gas exports. Oil and gas revenues decreased by 28%, mainly due to lower VAT and income tax revenues.
The Ministry of Finance of Russia for the first time sold a small part of gold from the National Wealth Fund – 3.6 tons of gold to cover the budget deficit. For the same purpose, the Ministry of Finance sold 2.3 billion yuan. The proceeds from transactions with gold and yuan amounted to 38.5 billion rubles.
Source: Racurs
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