Duma approves report on federal budget for 2022

MOSCOW. July 12 (Interfax) - Russia's State Duma on Tuesday approved the report (No. 379361-8) on the execution of the federal budget for 2022, which the government submitted to parliament in June.

Revenues amounted to 27.824 trillion rubles, 11.2% more than the target in the budget law. This included 11.586 trillion rubles in oil and gas revenues and 16.238 trillion rubles in non-oil and gas revenues.

Oil and gas revenues were 21% higher than planned primarily thanks to high oil and natural gas prices, as well as certain changes to legislation in the oil and gas sector, including a one-off increase of the mineral extraction tax (MET) on gas from September to November 2022, a memo attached to the document said. The MET generated 39% or 10.843 trillion rubles of revenues.

Spending totalled 31.119 trillion rubles, 31.3% more than initially planned.

The federal budget deficit was 3.295 trillion rubles or 2.1% of GDP. The National Welfare Fund (NWF) was used to partially finance the deficit.

The Audit Chamber found violations totalling 1.57 trillion rubles, including 1.4 trillion rubles in violations related to accounting and financial reporting errors.