YUKOS's bankruptcy is likely to bring 500 billion rubles to the Russian budget, officials say. YUKOS headquarters in Moscow is seen in the photo.
Photo: Dmitry Kostyukov
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YUKOS Bankruptcy Sorts Out Russia’s Budget Problems
Revenue from the bankruptcy of oil giant YUKOS has helped Russian financial authorities to hit federal budget targets this year, official statistics say. However, the budget spending is still lower than it was several years ago.
Federal budget revenue between January and June came to 3.2 trillion rubles, meeting the plan by 98 percent, the Finance Ministry said in a report. Tax authorities brought 1.6 trillion of the revenue, 99 percent, but the figure was much higher in previous years.
1.42 trillion rubles of budget revenue came to the state coffers between January and March while a figure of 734 billion rubles was recorded in June. The Federal Treasury said Wednesday that most of the June money came from YUKOS bankruptcy auctions. YUKOS’s official receiver earlier said that 151 billion rubles was transferred to the state coffers on June 27 from YUKOS lots. Budget revenues are to be growing further with oil prices reaching historic highs and YUKOS still paying out debts. Deputy Finance Minister Tatyana Golikova said the total YUKOS money is likely to amount to 500 billion rubles.
Budget spending is failing to hit the target as well. In the first half of 2007, as little as 82 percent of the planned money was spent.
Cuts in budget spending keep inflation low but year-end hikes in expenditures are inevitable, ultimately raising consumer prices.
www.kommersant.com
All the Article in Russian as of July 12, 2007
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