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MOSCOW, June 28 (Itar-Tass) — Russian President signed the Budget Address for 2013-2015 on Thursday.
The Russian president stated in the Budget Address that the Russian budget will be calculated on the basis of the average oil price for the last five years.
“When estimating the expenditures of the federal budget, it is expedient to base them not on current or forecast rates, which change constantly, but on more fundamental figures. Therefore, when drafting a budget it should be based on the average oil price for the last five years, and the annual budget period will be increased by one year,” the president said in the Budget Address.
Putin noted that “in five years the Russian budget will be calculated on the basis of the average oil price for the last ten years.”