Russian Ministry of Finance reported on budget execution for January-July

The Russian Ministry of Finance has preliminarily assessed the execution of the federal budget from January to July this year.

Federal budget revenues in January-July 2024 amounted to 19,747 billion rubles, of which non-oil and gas revenues amounted to 12,970 billion rubles and oil and gas revenues - 6,777 billion rubles.

Federal budget expenditures for January-July amounted to 21,109 billion rubles.

"In general, in 2024, the volume of federal budget expenditures is formed based on the maximum amount of budget allocations approved in the budget law (No. 540-FZ of November 27, 2023) and the amount of additional non-oil and gas revenues, following the norms of the "budget rule."

Thus, the federal budget is executed according to the parameters of the primary structural deficit defined in the budget law, and operations to use/form the NWF funds are carried out within the framework of the "budget rule" mechanism, the department's press service explained.

The volume of the National Welfare Fund as of August 1 amounted to 12,277,510.9 million rubles, or 6.4% of the GDP projected for 2024, which is equivalent to 142,216 million US dollars.

The following are placed in separate accounts for recording NWF funds in the Bank of Russia:

• 226,532.6 million Chinese yuan;
• 298,840.4 kg of gold in impersonal form;
• 368.5 million rubles.

Author: Elina Akhmetova