Russian budget revenues from exports dropped almost 4 times

The Russian budget has faced a plummeting drop in export revenues following the introduction of an embargo on Russian oil and a reduction in gas supplies to Europe to the lowest level since the Soviet era.

Source. This was reported by The Moscow Times.

Details. In January, the Federal Customs Service transferred 377.3 billion rubles to the federal treasury, 31% less than in the same month a year earlier, Interfax reports.

Revenues from imports, including duties and VAT on goods imported from abroad, dropped by only 7.5%, to 301.3 billion rubles: "parallel import" channels are expanding due to trade with Turkey, which supplies goods to Russia worth $1 billion a month, twice as much as before the war. In addition, imports from China have almost doubled to $8 billion per month.

However, customs export duties have almost quadrupled to RUB 74.2 billion, compared to RUB 262 billion in January 2021.

In particular, oil export duties fell by half year-on-year to RUB 24.4 billion. Revenues from gas exports fell by 21% to RUB 71.2 billion after Gazprom halved gas pumping to the EU through Ukraine, from 40-43 million cubic meters per day last year to 24 million in mid-January.

Sales of metals – Russia's third largest export – fell by 25%, to 2.5 million tons, according to Russian Railways statistics.

Total revenues of the Russian budget in January, according to the Ministry of Finance, fell by 35%, to 1.356 trillion rubles. Expenditures, on the other hand, increased by 59%, to 3.117 trillion rubles.

As a result, the budget gap for one month was equal to 60% of the annual plan. The January deficit of 1.76 trillion rubles was a record for the first month of the year in at least the last 25 years.