The Ministry of Finance of Russia has reported that in January this year the federal budget showed a deficit of 1.76 trillion rubles. This figure appears in a post released on the ministry’s official site, where the agency lays out preliminary results for the month. The data underline how the monthly balance looks when revenues and expenditures are measured against the budget plan, and they are used by analysts to gauge the immediate fiscal stance of the Kremlin and the administrative machinery responsible for public finance.
On the revenue side, the ministry estimates January receipts at about 1.356 trillion rubles, marking roughly a third decline from January of the previous year. In parallel, expenditures for the same month are projected at 3.117 trillion rubles, a level that represents a substantial year‑over‑year rise. This combination of shrinking inflows and swelling outlays paints a picture of tighter cash flows and a growing reliance on borrowing or reserve drawing to cover shortfalls, a pattern that has featured prominently in public finance discussions over the past year. Analysts monitor these figures to assess the sustainability of fiscal policy, the pressure on budgetary commitments, and the potential implications for macroeconomic stability. [Source: Ministry of Finance, official release]
As for energy revenues, the ministry notes a 46% drop in January 2022 compared with the prior year, with oil and gas receipts totaling 426 billion rubles. The ministry attributes this decline primarily to lower Urals crude prices and a reduction in natural gas exports, factors that have historically exerted a strong influence on the Russian budget given the sector’s share of fiscal income. The trend invites close scrutiny of commodity price cycles, export volumes, and the government’s ability to manage volatility through fiscal buffers or policy adjustments. [Source: Ministry of Finance, official release]
Other budget revenues, aggregating 931 billion rubles, fell by about 28% year on year. The ministry points to reductions in value-added tax and personal income tax as key drivers of this weakening stream, highlighting how tax mix shifts and domestic demand conditions can dampen revenue performance even when nominal rates remain unchanged. The divergence between energy receipts and broader tax collections underscores the need for diversified revenue sources and prudent expenditure planning to safeguard essential public services amid fluctuating cycles. [Source: Ministry of Finance, official release]
During the same period, observers noted that the fund size of the National Welfare Fund (NWF) stood at 10.8 trillion rubles as of February 1, 2023, indicating the government’s ongoing reliance on reserve assets to cushion the budget against shortfalls and to support strategic spending in line with long‑term stabilization goals. The size and allocation of the NWF are closely watched by policymakers, rating agencies, and capital markets, as they reflect the country’s approach to smoothing cyclical deficits and financing public investment without excessive debt accumulation. [Source: Ministry of Finance, official release]