(Adds detail)
MOSCOW, April 28 (Reuters) - The Russian finance
ministry plans to halve subsidies to oil refiners from July
2023, local news agencies reported on Friday, quoting finance
minister Anton Siluanov.
Payments from the budget to oil refineries will decline by
30 billion roubles ($377 million) a month, Siluanov was quoted
as saying.
The subsidies are being cut after the country's federal
budget balance slid to a deficit of 2.4 trillion roubles in the
first quarter as Moscow spent heavily and its energy revenue
fell.
The savings will reduce Russia's budget shortfall, the
minister was reported as saying by the Interfax news agency.
The subsidies, known as the damping mechanism, were
introduced in 2019 to prevent excessive exports of fuel and
ensure sufficient stocks to meet domestic demand.
Payments to companies under the scheme exceeded 2.1 trillion
roubles last year.
($1 = 79.5500 roubles)
(Reporting by Vladimir Soldatkin
Editing by David Goodman)
@vsoldatkin;))
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