In January – may 2020 revenues from oil and gas revenues in the Federal budget of Russia for coronavirus and economic crisis, declined by 983 billion (or about $15 billion) compared with the same period last year.
This was reported by the Agency Rosinform with reference to the official data of the Ministry of Finance of the Russian Federation.
As noted in the publication, the Ministry of Finance has updated the monthly Data on formation and use of additional oil and gas revenues of the Federal budget in 2018-2020 year.
It follows that for 5 months 2020 to the Federal budget received $ 2 trillion 436,7 billion rubles, or about $ 35 billion, While in 2019 for these same months, the budget was 3 trillion 420 billion rubles, or about $ 50 billion at current exchange rate.
The main losses occurred in may 2020, the Russian Treasury was short of 483,5 bln roubles (about $ 7 billion).
It is also stated that such a revenue shortfall will lead to the failure of the Federal budget, making it scarce. To compensate for the losses the Ministry of Finance for the third month in a row withdraws currency from the national welfare Fund. In particular, in June are going to sell currency for 203,7 billion rubles ($3 billion).
Income losses have already amounted to the sum equal to half the military budget of the Russian Federation and exceeding the direct costs of the Armed forces of the Russian Federation.
Most worrying for Moscow the signal that sharply decreased the revenues from tax on extraction of mineral resources. In may 2020, from the met budget has received RUB 133.1 bn, and in may 2019 this amount was 4.2 times more – 560,9 billion export Revenues grew 7.2 times.
The decline in revenue will lead to cuts in infrastructure projects, reducing subsidies and subsidies to the regions, and the curtailment of social programs. All of this can lead to a serious drop in popularity of power on the approaching local elections which will be held in September in more than 20 regions of the Russian Federation.