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Russia to pay less into Reserve Fund than expected — Finance Minister

June 11, 2014, 14:11 UTC+3 MOSCOW
Most of surplus oil and gas revenues expected in 2014 will be channeled into the federal budget instead of the Reserve Fund
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Russia's Finance Minister Anton Siluanov

Russia's Finance Minister Anton Siluanov

© ITAR-TASS/Mikhail Dzhaparidze

MOSCOW, June 11 /ITAR-TASS/. Russia’s payments into the Reserve Fund established to accumulate surplus oil revenues and insulate the budget against a plunge in world oil prices will be less than expected this year, Finance Minister Anton Siluanov said on Wednesday.

“The Reserve Fund will be replenished to a lesser extent than we planned. The plan was 343 billion rubles ($9.9 billion) but payments into it will amount to only 231.9 billion rubles ($6.7 billion), excluding exchange rate differences,” Siluanov said.

Most of surplus oil and gas revenues expected in 2014 will be channeled into the federal budget instead of the Reserve Fund to make up for the shortfall of receipts other than revenues from oil and gas exports and the sources of covering the budget deficit, the finance minister said.

The foreign exchange rate has risen and the ruble equivalent of the Reserve Fund, which has its holdings in foreign currency, will grow correspondingly Anton Siluanov Russian finance minister Russia’s Reserve Fund will be enlarged in 2014, first of all, as a result of exchange rate differences, Siluanov said.

“The foreign exchange rate has risen and the ruble equivalent of the Reserve Fund, which has its holdings in foreign currency, will grow correspondingly,” the Russian finance minister said.

The amendments to the 2014 budget envisage oil and gas revenues at 7.48 trillion rubles ($217 billion) or 952.1 billion rubles more ($27.5 billion) compared with the existing law on the budget for 2014-2016.

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