Russia in July received less than 74.7 billion “oil rubles” 03.08.2022
Russia in July 2022 received less than 74.7 billion rubles of oil and gas revenues compared to what was expected, confirmed data Ministry of Finance.
The volume of increased federal budget revenues due to the excess of the current oil price over the base level is forecasted in August at the level of 359.5 billion rubles. But “the total receipt of income from income from income from monthly income from oil production and the assessment of income from monthly income from basic monthly income from oil production at the end of July 2022 amounted to minus 74.7 billion rubles.” Thus, the total volume of additional oil and gas revenues will be less – 284.8 billion rubles.
The Ministry of Finance reminds that due to the temporary suspension for 2022, private individuals involved in budget rules use the federal budget’s expanded oil and gas revenues, the purchase of foreign currency and gold with funds that will not be used. The ministry announced the suspension of the purchase of foreign currency and gold at the expense of additional oil and gas revenues in early March.
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The budget rule assumes that additional oil and gas installations, which are formed when oil prices exceed a certain level, are accumulated in the National Consumption Fund. In 2022, the cut-off price is $44.2 per barrel. This year, as a result of the suspension of the rules of the budget, additional income from oil can be used to finance priority budget expenditures.
The Ministry of Finance proposed modifying the budget rule: focusing on a cut-off price of $60 per barrel, as well as fixing production at the level of 9.5 million barrels of oil per day. In turn, the Accounts Chamber of the Russian Federation proposes to change the current idea of the Fund for the Protection of Interests and the Protection of the National Welfare Fund of the currency of “unfriendly states”.
Earlier it was reported that oil and gas databases in Russia in 2021 account for about 36% of budget revenues (against 28% in 2020 and 39% in 2019).
Russian Finance Minister Anton Siluanov said in June that the budget of the Russian budget from oil and gas, if they decrease as a result of the decision, will not be much: supplies will be redirected with markets where they exist or will begin to operate in the future, to other restrictions.
The Central Bank’s recent quarterly Balance of Payments of the Russian Federation report shows that the value of Russian exports rose significantly in the second quarter due to the intersection of European commodity prices, although the volume of distribution within the segments is declining.