Russian budget receives 138.9 bln rubles in oil and gas revenues above expectations in June

MOSCOW. July 5 (Interfax) - The difference in oil and gas revenues actually received from the expected monthly amount and the estimate of the baseline monthly amount totaled 138.9 billion rubles in the black in June 2022, Russia's Finance Ministry said on Tuesday.

The ministry attributes the surplus amount to the carrying over of advance payments for the previous month for the export customs duty on gas.

The expected amount of additional oil and gas revenues for the federal budget, as related to the actual oil price exceeding the baseline level, is forecast to be 259.1 billion rubles in July. Consequently, overall funds from additional oil and gas revenues total 398 billion rubles, when taking into account the surplus amount in June.

The Finance Ministry has reiterated that these funds will not be used to purchase foreign currency and gold, given that certain provisions of the federal budget rules related to using additional oil and gas revenues have been suspended for 2022.