Country Snapshot: Russia's Budget Revenue is Recovering

(December 2022) According to the Ministry of Finance of Russia, federal budget revenues increased by 31.5% year-over-year in November 2022, which could point to the recovery of domestic business activity.

  • Non-oil and gas revenues of the federal budget in November increased by 57.9% y-o-y, to 1,774 billion rubles. (compared to 1,124 billion in November 2021). Oil and gas revenues went down 2.1% y-o-y, to RUB 866 billion. Total federal budget revenues amounted to 2.64 trillion rubles in November 2022 – a increase of 31.5% y-o-y.
  • In November, the federal budget surplus amounted to 429 billion rubles. In January-November 2022, the budget surplus amounted to 557 billion rubles.
  • As part of non-oil and gas revenues, budget revenue from corporate profit tax increased by 34.5% y-o-y. Revenues from import duties and taxes decreased by 25.1% y-o-y.

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