The deficit of the Russian budget in January amounted to about $25 billion in revenues due to oil sanctions. This is the largest deficit since 1998, when Russia defaulted.
Bloomberg writes about it.
Tax revenues from oil and gas fell to 426 billion rubles in January, which is 46% less than a year ago. At the same time, budget expenditures increased by 59% compared to last yearʼs indicators.
In January, the Ministry of Finance of Russia for the first time sold gold from the National Property Fund to cover the budget deficit. The Russians steadily replenished this fund from oil and gas revenues in order to have their own reserves. In January, the department sold 3.6 tons of gold, as well as 2.3 billion Chinese yuan. Due to this, the budget received 38.5 billion rubles.
The publication links the drop in oil and gas revenues and the growth of the budget deficit with low prices for the Russian oil brand Urals. In January, its price was at the level of $49.48 per barrel, which is the lowest figure since December 2020.