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Russia’s Shortfall In Oil And Gas Revenues To Total $726mln In April

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Russia’s Shortfall In Oil And Gas Revenues To Total $726mln In April

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TASS reports (source):

Russia’s Finance Ministry expects the federal budget’s shortfall in oil and gas will amount to 55.8 billion rubles ($726 mln) due to oil prices. This is according to a statement on the ministry’s website.

“The volume of lost federal budget oil and gas revenues caused by the gap between the base oil price and the actual price in April 2020 is expected to amount to 55.8 billion rubles,” the ministry said in a statement.

According to the ministry, in March the gap between the actually received oil and gas revenues and the expected volume was 22 billion rubles ($287 mln).

In view of this, the Finance Ministry will allocate 77.8 bln rubles ($1.01 bln) for the sale of foreign currency from April 7 to May 12. During this period, daily sales volume will amount to 3.5 billion rubles ($45.6 mln), the ministry said.

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