Russia Forecasts $1.5Bln Shortage in Excess Oil and Gas RevenueK

Russia’s additional oil and gas revenues will fall short 113.6 billion rubles ($1.4 billion) below expectations in April, the Finance Ministry said Wednesday.

The difference between expected oil and gas revenues and those received as of March totaled 39 billion rubles ($490 million), it said.

To cover the expected shortage, Russia’s Finance Ministry uses a budget rule that diverts excess oil revenues into the National Wealth Fund and buys foreign currency to replenish state reserves.

The Finance Ministry said it will sell 74.6 billion rubles ($940 million) worth of foreign currency over the next month, or 3.7 billion rubles per day between April 7-May 5.

https://www.themoscowtimes.com/2023/04/05/russia-forecasts-15bln-shortage-in-excess-oil-and-gas-revenue-a80720