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Russian finance ministry mulls budget rule tightening

November 26, 2014, 21:38 UTC+3 MOSCOW
The budget rule must be adjusted as the Brent price fell to $80 per barrel
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© AP Photo/Michel Euler

MOSCOW, November 26. /TASS/. The Russian Finance Ministry believes it sensible to consider tightening the budget rule, Maxim Oreshkin, long-term strategic planning department director at the Finance Ministry, said in an interview with Rossiya 24 TV channel on Wednesday.

“Perhaps we should make budget rule stricter, to give an answer on how to control budget deficit in the short run under new conditions,” Oreshkin said.

The budget rule must be adjusted as the Brent price fell to $80 per barrel, he said.

Under the budget rule not all fiscal revenues from oil and gas exports are allocated to state budget, but only a certain volume calculated on the basis of the Urals basic price, while all extra revenues are directed to the Reserve Fund. At the moment the basic price is set at $96 per barrel.

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