Energy Revenues in Russia Will Fall to 30 Percent of the Budget

Energy Revenues in Russia Will Fall to 30 Percent of the Budget Energy revenues in Russia will fall to 30 percent of the budget. In Russia, the share of energy revenues in the budget will fall to 30 percent. Russian President Vladimir Putin stated that they are not as dependent on the turmoil in the prices of hydrocarbon resources as they were in the previous periods and said, "The share of oil and natural gas revenues in the Russian federal budget will decrease to 30 percent in 2021 for the first time in modern history".   Russian President Vladimir Putin made statements about the country's economy at the Federation Council, which is the upper wing of the Russian parliament.   Pointing out that the country's income decreased by 11 percent due to the coronavirus epidemic that emerged in Wuhan, China and affected the whole world, Putin said, "Our expenditures increased by 23 percent. We were able to support households and the economy by increasing our public expenditures significantly." In addition, Putin stated that the country was able to increase its spending thanks to low public debt and reserves, and that unemployment continued to increase in August. Underlining the need to provide support for people to return to their jobs, Putin said, "Unemployment in Russia has exceeded 6 percent. I would like to remind you that I have commissioned the government to restore employment next year." Stating that the share of oil and natural gas export revenues in the Russian federal budget has declined, Putin said: "Russia is no longer dependent on fluctuations in the prices of hydrocarbon resources as in the past. Exports of hydrocarbon resources were half the budget in 2011. The sale of hydrocarbon resources will continue to be important, but the share of oil and gas revenues in the Russian federal budget will reach 30 percent in 2021 for the first time in modern history. will fall. "