Falling revenues are not the only problem in Russia, because spending, on the contrary, increased by 34% to 8.1 trillion rubles.
The deficit of the Russian federal budget in the first quarter of 2023 reached 2.4 trillion rubles, which is equivalent to 28.9 billion dollars. The reasons for this are the high costs of Moscow and the falling income of the Russian Federation due to the sanctions that affected oil and gas. This is confirmed by data from the Ministry of Finance of the Russian Federation, published on Friday, April 7.
A year ago, Russia had a surplus of 1.13 trillion rubles. Since then, however, massive spending on the war against Ukraine and Western sanctions on critical oil and gas exports have taken a toll on the state treasury.
According to preliminary data from the Russian Ministry of Finance, the total state income of the Russian Federation for the quarter decreased by 20.8% compared to 2022. They amounted to 5.7 trillion rubles. This is due to a 45% decrease in energy revenues to 1.64 trillion rubles.
At the same time, costs increased by 34% to 8.1 trillion rubles.
Note that the Ministry of Finance of the Russian Federation has stopped publishing monthly data on the implementation of the budget in 2022.
However, according to the latest data, Russia recorded a surplus of 181 billion rubles in March after a deficit of 821 billion rubles in February and 1.76 trillion rubles in January.
Remember, according to media reports, the first months of Russia’s invasion of Ukraine last year led to an increase in the price of oil and natural gas – this brought an unexpected profit to Moscow. However, the war is now in its second year, Western sanctions are intensifying, Russian government revenues are shrinking, and its economy is on a long-term slower growth path.
Putin admitted that the sanctions are for a long time
news Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.