Ministry of Finance: oil and gas revenues of the Russian budget for January-March decreased by 45 percent

MOSCOW, 7 April – Oil and gas revenues of the Russian budget in January-March decreased by 45% – to 1.635 trillion rubles due to lower oil prices and a drop in gas exports, according to materials on site ministries.

At the same time, as the ministry notes, the use of NWF funds to cover lost oil and gas revenues in accordance with the parameters of the “budget rule” ensures the stability of the budget system against fluctuations in the flow of oil and gas revenues. In addition, the Ministry of Finance believes that the clarification of the mechanism for determining the tax base for the relevant taxes, as well as the gradual reduction of price discounts for Urals oil, will contribute to the gradual recovery of tax revenues from the oil sector, especially in the second half of this year.

Non-oil and gas revenues amounted to 4.042 trillion rubles in January-March and decreased by 4%, mainly due to a one-time refund in January 2023 of overpayments of income tax for previous periods.