The budget deficit in the first quarter of the year amounted to 2.4 trillion rubles.

The agency estimated the Russian budget deficit at 2.4 trillion rubles. At the same time, according to the plan, the annual deficit was expected to be 2.9 trillion rubles.

Oil and gas revenues decreased 45% year-on-year, amounting to 1.6 trillion rubles. As reasons, the Ministry of Finance indicates the reduction in oil prices from the Russian Urals, as well as a decrease in natural gas supplies.

In total, oil and gas revenues according to preliminary results for the first quarter are estimated at 4.042 trillion rubles. Compared to last year, the amount decreased by only 4% against the background of a one-time return of income tax payments, which was made in January of this year.

Federal budget spending increased 34% compared to the same period last year. According to the results of March, they grew by 4.2%.

The Ministry of Finance expects oil and gas revenues to recover in the second half of the year. According to the department’s forecasts, this will be facilitated by the reduction of discounts in the Urals, as well as the clarification of the definition of the tax base.

Last year, the Price Cap Coalition, which included EU countries, G7 states and Australia, set a ceiling on the cost of Russian oil exported by sea at $60 a barrel. An embargo on its supplies to the European Union was also introduced. The restriction went into effect on December 5.

Since February 5, there has also been an embargo on imports of oil products from Russia into the EU, including diesel and fuel oil.