The Russian Federation loses energy: budget deficit in January has become a record for the last 25 years

The Russian federal budget for 2023 has a deficit of 2. 9 trillion rubles, but most of it was formed in January against the background of sanctions and embargo. In Russia, the state budget deficit as a result of January 2023 was recorded at 1. 76 trillion rubles, or almost $ 25 billion. Revenues, compared with 2022, decreased by 35%, while expenses increased by 59%, reports Bloomberg. At the same time, the Federal Budget of Russia for 2023 has a shortage of 2. 9 trillion rubles.

That is, much of the deficit was formed in the first month of 2023. This is the largest budget deficit since 1998. It is noted that the reduction of income from oil and gas followed Western sanctions on Russian exports of oil and petroleum products. Moscow's profit from oil and gas sales in January decreased by 46%compared to the same month last year.

At the same time, as the publication notes, in Russia, it is believed that the fall in revenues occurred against the background of reducing quotations of oil prices and reducing natural gas exports. For example, according to Bloomberg, in January, the average price of Urals oil was $ 49. 48 per barrel - the lowest rate since December 2020.

Therefore, if in January 2022 Russia, selling oil and gas, earned 795 billion rubles, then in the first month of 2023 the profit amounted to 426 billion, or $ 6 billion. To cover the budget deficit, the Russian Ministry of Finance sold a small part of gold in January (3, 3, 6 tons) from the National Welfare Fund. Previously, the Russian Finance Ministry bought gold.

Recall that on February 2, the President of the European Commission Ursula von der Liaien stated that energy sanctions imposed by the European Union against Russia for its aggression against Ukraine cost Moscow 160 million euros a day. According to the politician, the sanction pressure on the Russian Federation will only intensify.