Russia’s Finance Ministry reports first quarter budget deficit of 2.4 trillion rubles

According to preliminary data from the Ministry of Finance, Russia’s federal budget for January–March saw a deficit of 2.4 trillion rubles ($29.5 billion). Legally, the 2023 budget is allowed a deficit of 2.93 trillion rubles ($35.9 billion).

The ministry reported budget revenues for January–March of 5.677 trillion rubles ($69.6 billion), 21 percent lower than in the first quarter of 2022. Expenditures in the first quarter of 2023 increased 34 percent compared to last year, totaling 8.077 trillion ($99 billion).

The Ministry of Finance says these indicators are primarily related to reduced oil and gas revenues, which the ministry says are down 45 percent compared to the same period last year.

Budget revenues from sources other than oil and gas were also down 4 percent compared to the same period last year. The ministry says this is mostly due to refunds on tax overpayments.