Russia's Jan budget deficit widens as energy revenues slump

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.

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)

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