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Urusi baada ya uvamizi wa Ukraine bajeti yao inaonyesha Mapato tu bila matumizi
Russia Hides Budget Spending But Shows How Ruble Hit Oil Revenue
Oil, gas revenues dropped by more than half in May from April
Finance Ministry stops issuing spending figures on sanctions
Bloomberg News
14 June 2022, 18:57 GMT+3
Russia said it would no longer disclose monthly figures breaking down how much the government spent on various budget items including defense, even as it released data showing the ruble’s surge erased the benefits of higher crude prices for revenue.
The Finance Ministry on Tuesday cited the need to “minimize the risk of the imposition of additional sanctions” for excluding expenditure details. The government and the central bank have suspended publication of a range of financial and economic data since the US and its allies hit the country with sweeping sanctions in the wake of the Kremlin’s Feb. 24 invasion of Ukraine.
The latest budget report still covered the other half of the ledger, indicating that tax revenues from oil and gas exports dropped by more than half in May from the previous month. A stronger ruble cuts into the budget because the government gets much of its revenue from energy taxes denominated in foreign currency but spends in rubles.
Bloomberg calculations based on data provided by the ministry showed income from oil and gas fell last month to 871 billion rubles ($14.9 billion) from 1.81 trillion rubles in April, which was the highest in at least a decade. Income from other taxes and excise duties rose 7.5% from the previous month to 1.14 trillion rubles, according to Bloomberg calculations.
Losing Steam
Russian budget revenues slipped in May
Source: Russia Finance Ministry
Urusi baada ya uvamizi wa Ukraine bajeti yao inaonyesha Mapato tu bila matumizi
Russia Hides Budget Spending But Shows How Ruble Hit Oil Revenue
Oil, gas revenues dropped by more than half in May from April
Finance Ministry stops issuing spending figures on sanctions
Bloomberg News
14 June 2022, 18:57 GMT+3
Russia said it would no longer disclose monthly figures breaking down how much the government spent on various budget items including defense, even as it released data showing the ruble’s surge erased the benefits of higher crude prices for revenue.
The Finance Ministry on Tuesday cited the need to “minimize the risk of the imposition of additional sanctions” for excluding expenditure details. The government and the central bank have suspended publication of a range of financial and economic data since the US and its allies hit the country with sweeping sanctions in the wake of the Kremlin’s Feb. 24 invasion of Ukraine.
The latest budget report still covered the other half of the ledger, indicating that tax revenues from oil and gas exports dropped by more than half in May from the previous month. A stronger ruble cuts into the budget because the government gets much of its revenue from energy taxes denominated in foreign currency but spends in rubles.
Bloomberg calculations based on data provided by the ministry showed income from oil and gas fell last month to 871 billion rubles ($14.9 billion) from 1.81 trillion rubles in April, which was the highest in at least a decade. Income from other taxes and excise duties rose 7.5% from the previous month to 1.14 trillion rubles, according to Bloomberg calculations.
Losing Steam
Russian budget revenues slipped in May
Source: Russia Finance Ministry
