And the partial embargo has not yet started to operate. In addition, in 2023, the Ministry of Finance of the Russian Federation expects a collapse of oil and gas revenues by 24%.
Profits from the sale of Russian oil< /strong> sharply decreased in October – the collection of export duties on “black gold” to the federal treasury fell to a minimum since the beginning of the Russian invasion of Ukraine. This was reported by the Bloomberg agency, whose specialists calculated it based on the data of the Ministry of Finance and statistics on tanker transportation.
Just last week, the budget of the Russian Federation received $121.2 million in revenues from oil exports, which is the smallest amount of mid-February. And for the last four weeks, customs collections amounted to $546 million, which is 8% lower than the figure of the previous four weeks.
Export volumes fell from 3.1 to 2.9 million barrels per day and were the lowest since mid-September, despite the fact that Russian oil companies made discounts to lure buyers in Asia.
Read also : The EU nevertheless agreed on the introduction of a price ceiling for Russian oil – Yozvyak
Two state-owned Indian refineries refused shipments of Russian oil that were supposed to arrive after the EU embargo came into force, despite the fact that for a barrel of Urals grade, the Russians asked for an average of $25.5 cheaper than Brent
Currently the Russian budget receives $6.06 from each ton of oil exported abroad. In November, the export duty will drop to $5.83 and will be the minimum since January 2021.
This will create even more problems for the Russian budget, which has been spending more every month than it receives in taxes since the beginning of summer. According to the forecast of the Ministry of Finance, by the end of the year, the deficit of the federal treasury will amount to $1.3 trillion rubles. However, if you take into account the oil embargo, which will take effect in six weeks, and the government's spending plans, the losses could be even greater.
Read also: Sanctions in action: Putin urged Russian energy companies to prepare for the embargo< /p>
The Kremlin plans to fill the “hole” with the funds of the National Welfare Fund, from which Prime Minister Mikhail Mishustin instructed to spend a trillion rubles only until the end of the year.
The Russian budget for 2023 has a deficit of 2 .9 trillion rubles. The Ministry of Finance of the Russian Federation expects a collapse of oil and gas revenues by 24%, to 8.94 trillion rubles. The pace of the expected decline in oil revenues can only be compared with those in the year of the pandemic, when oil prices fell to negative values (-34%), and during the global financial crisis of 2009 (-32%).
Will cover the deficit of the Ministry of Finance of the Russian Federation again with the help of the National Bank of Ukraine, which at this rate will be depleted by 2/3 within the next two years. As of October 1, the spent part of the fund amounted to 7.5 trillion rubles. And by the end of 2024, according to the forecasts of the Russian Ministry of Finance, it will have less than a third of the money – only 2.3 trillion rubles.
Read also: Western sanctions: Russia is forced to sell oil in Asia at deep discounts – Bloomberg
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Recall that, according to Bloomberg, over the past six months, the world's trade in tankers bought by unknown persons has increased sharply. The experts concluded that a huge “shadow fleet” of tankers with unknown owners is accumulating to serve Moscow's interests. They will transport sanctioned Russian oil.
