Russia's Jan budget deficit widens as energy revenues slump

<html xmlns=""><head><title>UPDATE 3-Russia's Jan budget deficit widens as energy revenues slump</title></head><body>

Russia budget deficit soars to around $25 bln in Jan

Energy revenues down 46.5%, total revenues slump 35.1%

Spending jumped almost 60% in Jan year-on-year

Western sanctions squeeze Russia's financial clout

This content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine

Adds detail, bullets

By Darya Korsunskaya and Alexander Marrow

MOSCOW, Feb 6 (Reuters) -Slumping energy revenues and soaring expenditure pushed Russia's federal budget to a deficit of 1.76 trillion roubles ($24.78 billion) in January, as sanctions and the cost of Moscow's military campaign in Ukraine choke the economy's prospects.

Citing preliminary data, Russia's finance ministry said on Mondayoil and gas revenues were 46.4% lower at 426 billion roubles in January than in the same month last year, which it put down primarily to lower prices for Russia's Urals blend URL-E and lower volumes of natural gas exports.

Non-oil and gas revenues were 28% lower at 981 billion roubles, attributed to lower domestic VAT and income tax takings.

Overall, budget revenues for the month were down 35.1%, while spending was 58.7% higher in January 2023, at 3.12 trillion roubles, already more than 10% of the full-year spending plan.

Moscow relies on income from oil and gas - last year around 11.6 trillion roubles - to fund its budget spending, and has been forced to start selling international FX reservesto cover a deficit stretched by the cost of the Ukraine conflict.


While some Russian officials have sought to downplay the efficacy of price caps and embargoes on Russian energy exports, Finance Minister Anton Siluanov said last year that a price ceiling on Russian oil could widen the budget deficit in 2023.

As a consequence of sanctions, Moscow has been forced to sell energy at a large discount and, although the 2023 budget is based on a Urals price of $70.10 per barrel, the average price for Russia's main blend inJanuary was $49.48 a barrel, down 42% on January 2022.

The ministry said on Monday it was studying ways to switchto an alternative price indicator for tax purposes, as theUrals oil price was becoming less representative ofexport prices for Russian oil.

January's deficit already stands at 60% of the whole year's plan of 2.93 trillion roubles and analysts expect the shortfall to widen to more than 5 trillion roubles if current conditions persist.

Russia's main sources of covering the budget deficit are domestic borrowing, which it stepped up sharply in the final quarter of 2022, and its rainy day fund of accumulated energy revenues.

On Monday, the ministry said the National Wealth Fund (NWF) stood at $155 billion, with 38.5 billion roubles worth of Chinese yuan and gold spent in January to cover the deficit.

($1 = 71.0320 roubles)

Editing by Gareth Jones


免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。