OREANDA-NEWS  The Ministry of Finance gave a preliminary estimate of the Russian budget deficit in the first quarter of 2023 — it amounted to 2.4 trillion rubles. This is stated in a press release on the ministry's website.

Budget revenues in January-March fell by 21 percent year-on-year, to 5,677 trillion rubles. Expenses increased to 8,077 trillion rubles, which is 34 percent higher than last year's result. In general, a deficit of 2.9 trillion rubles is planned for the year.

During this period, non—oil and gas budget revenues fell by four percent, to 4.042 trillion rubles, and oil and gas revenues - by 45 percent, to 1.635 trillion. The agency attributes such dynamics primarily to the fall in prices for the main Russian export grade of Urals oil. As for non-oil and gas revenues, in general, the Ministry of Finance assesses them as corresponding to the dynamics laid down in the budget.

According to the agency, in March Urals was sold at an average of $ 47.85 per barrel — this is the minimum since November 2020. Russian oil is getting cheaper amid Western sanctions. Against this background, in April, the agency expects the maximum amount of additional oil and gas revenues lost — 113.6 billion rubles.