Russia releases amount of budget losses in the energy sector

✔︎ Fact Checked by TDPel News Desk

By Pelumi Emmanuel

Published: May 7, 2022 | 4:31 PM GMT

The total deviation of actually received oil and gas revenues from the expected monthly volume and the estimate of the base monthly volume at the end of April 2022 amounted to minus 133.1 billion rubles, the Ministry of Finance of the Russian Federation announced on Friday.

The expected volume of additional oil and gas revenues of the federal budget, associated with the excess of the actual oil price over the base level, is forecasted in May in the amount of 414 billion rubles. Thus, taking into account the negative deviation in April, the total amount of funds for additional oil and gas revenues is 280.9 billion rubles.

Due to the suspension for 2022 of certain provisions of the budget rules related to the use of additional oil and gas revenues of the federal budget, the purchase of foreign currency and gold at the expense of these funds will not be made, recalls the Ministry of Finance.

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About Pelumi Emmanuel

Pelumi Emmanuel is an accomplished writer and journalist with over 15 years of experience in the industry. He is a passionate and dedicated professional who is committed to producing high-quality content that informs, engages, and entertains readers. Pelumi’s love for reading and writing is evident in his work, which has been read worldwide and has garnered him a loyal following. His journalistic expertise is matched only by his natural talent for storytelling, making his articles both informative and engaging. He lives in California, USA.