Russia's budget structure continues to be adjusted, with the share of revenue from oil and gas decreasing.

During a meeting with the Federal Taxation Service Director Daniel Yegorov, Russian President Putin raised several issues, including the share of oil and gas revenues in the federal budget. Yegorov explained that according to statistics for the first 10 months of this year, the Russian budget system remained stable, mainly due to an increase in non-oil and gas revenues, which increased by 5% in the federal budget. Considering that oil and gas revenues have traditionally occupied a considerable proportion in the state budget, this is undoubtedly a very good result.

Yegorov said that currently, oil and gas revenues contributed 3 trillion rubles to the federal budget, but the total oil and gas revenue decreased by 2 trillion rubles. This means that although the total budget has increased, the share of oil and gas revenues in the federal budget has dropped to no more than 30%.

Previously reported that the State Duma of the Russian Federation has passed the draft federal budget for 2026-2028. The draft predicts that the fiscal revenue for 2026 will be 40.28 trillion rubles, and the expenditure will be 44.07 trillion rubles, expecting a budget deficit of 3.79 trillion rubles next year. Gross Domestic Product (GDP) is expected to be 235.07 trillion rubles, with an inflation rate not exceeding 4%. In 2027, fiscal revenue is expected to be 42.91 trillion rubles (including an additional 34.21 billion rubles from oil and gas revenues), and expenditure will be 46.10 trillion rubles. Therefore, despite the decline in oil and gas revenues, the budget deficit will still decrease to 3.19 trillion rubles.

Therefore, it can be seen that the role of oil and gas revenues in the Russian budget continues to decline and will never be as crucial as in the 1990s again.

Yegorov also reported to Putin: "In 2021, 80% of transactions and 70% of trade volume came from Western countries; now, 80% of trade volume and settlements come from friendly partner countries, and only 20% of trade volume comes from Western countries. This means that the structure of the Russian economy has undergone restructuring."

Original: www.toutiao.com/article/1849416352243712/

Statement: This article represents the views of the author himself.