off-the-wire

Russia's Jan budget deficit widens as energy revenues slump

Kitco Media
By Reuters
Published:
Updated:
Reuters



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


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, the finance ministry said on Monday, citing preliminary data.


Oil and gas revenues were 46.4% lower at 426 billion roubles in January than in the same month last year, with overall budget revenues for the month down 35.1%.


Spending was 58.7% higher in January 2023, at 3.12 trillion roubles.


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 reserves to cover a deficit stretched by the cost of the Ukraine conflict. ($1 = 71.0320 roubles) (Reporting by Darya Korsunskaya and Alexander Marrow; editing by Andrew Heavens)

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