MOSCOW — Russia's primary budget surplus was 14.2 percent of GDP in the first quarter of this year, or RUR603.3bn (around USD21.54bn). Budget surplus hit RUR525.3bn (around USD18.76bn), or 12.4 percent of GDP in the first quarter of this year. According to data from the Russian Finance Ministry, federal budget revenue in the January to March period beat estimates by 48 percent. This is due to extra revenue from withdrawing overdue taxes and penalties from YUKOS, higher VAT receipts and a generally beneficial macroeconomic environment, analysts say. Meanwhile, the Russian budget posted RUR811bn (around USD28.96bn) in expenditures, which is 4.1 percent lower than the earlier targeted amount. This means that budget spending has not been revised upwards as budget revenue grows. However, the Russian Finance Ministry is working on amendments to the federal budget stipulating higher expenditures.