Budget does not receive 302 bln rubles in expected oil and gas revenues in March due to gas exports, EPT, excises

MOSCOW. April 5 (Interfax) - The total deviation of oil and gas revenues actually received from the expected monthly volume and the estimate of the base monthly volume at the end of March 2022 was minus 302 billion rubles, the Russian Ministry of Finance said in a statement on Tuesday.

"The adjustment is due to the deviation of gas export volumes from the forecast level, as well as lower dynamics of revenues under the EPT regime and the increase in the reimbursement of excise tax on crude oil, including due to changes in the structure of certain elements of taxation," the statement reads.

The expected amount of additional oil and gas revenues to the federal budget associated with the excess of the actual oil price over the base level is forecast in April in the amount of 798.4 billion rubles. Thus, the aggregate amount of additional oil and gas revenues stands at 496.3 billion rubles.

Due to the suspension of certain provisions of budget rules related to the use of additional oil and gas revenues of the federal budget in 2022, purchases of foreign currency and gold at the expense of these funds will not be carried out, the Finance Ministry said.

Initially, the Finance Ministry forecast 790 billion rubles in additional oil and gas revenues for the federal budget in March due to the excess of the actual oil price over the base level. As of February, the deviation from the plan was minus 216.4 billion rubles.