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Russia has a budget deficit of more than 21 billion USD in 2022

Russia has a budget deficit of more than 21 billion USD in 2022 - Photo 1.

Russian Finance Minister Anton Siluanov – Photo: REUTERS

According to Reuters news agency, Mr. Siluanov warned that the country’s budget deficit figure could be even higher.

Russia is facing soaring inflation, capital outflows and the risk of default after bearing a series of Western sanctions for its “special military operation” in Ukraine from February 24.

“The national fund will be the main source of funding for expenditures in the near future. If revenue is higher than planned, we will spend less from the NWF. Otherwise, we will spend more. more than that,” Mr. Siluanov announced on April 27.

According to Reuters, Russia will also transfer 50 billion rubles from the NWF to support capital for Gazprombank (GZPRI.MM) to implement infrastructure projects.

Gazprombank has so far been exempt from some sanctions.

Russian President Vladimir Putin has appointed Gazprombank to be responsible for the payment of gas contracts between Russia and foreign countries.

Russia has stopped the flow of gas to Bulgaria and Poland after the two countries refused to demand payment in rubles.

Mr. Siluanov said his Finance Ministry wanted to adjust Russia’s fiscal rules, to protect Russia from fluctuations in oil prices.

Existing regulations prohibit Moscow from spending more than non-oil revenues plus oil sales at a specific level of production.

The Russian government has relaxed this regulation to increase spending and borrowing, in response to the COVID-19 pandemic in the period 2020-2021.

“Under current conditions, the old regulations cannot be applied. The Finance Ministry has made a proposal for new budgetary rules that the government is considering,” Mr. Siluanov said.

Russia’s Finance Minister confirmed that it would not borrow from the domestic market this year, but could gradually return to borrowing by 2023 if inflation and government bond prices stabilize.

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