Russian Prime Minister Mikhail Mishustin announced an increase in budget spending by almost 25 percent
Federal budget expenditures rose nearly 25 percent year-on-year between January and April, Prime Minister Mikhail Mishustin said. His theses at a meeting on the progress of budget execution this year are quoted by Interfax.
“Thanks to the growth of budget revenues, it was possible to increase expenditures. So, in the period from January to April 2022, they grew by almost a quarter compared to the same period last year,” Mishustin said.
According to him, the observed increase in revenues was due to an increase in oil and gas revenues. According to the IEA, Russia’s oil revenues in 2022 increased by 50 percent compared to the same period last year. The agency expects that oil production will decline in the future.
The Russian Ministry of Finance reduced expectations for additional budget revenues from the sale of oil and gas in May by almost half. In May, it should amount to 414 billion rubles, while in the forecast for April, the agency expected 798.4 billion rubles of additional oil and gas revenues.