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Russian Finance Ministry pledges to send extra revenues in 2015 to replenish Reserve Fund

March 05, 2015, 19:54 UTC+3
Russia may get additional revenues in case of changes in oil prices
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© TASS/Sergei Konkov

MOSCOW, March 5. /TASS/ The Finance Ministry intends in the case of changes in oil prices to send the additional revenues to the Reserve Fund for replenishment, Finance Minister Anton Siluanov said on Thursday.

"If the price of oil changes, the rate will be different. If we get additional revenues during the ongoing year, first and foremost, we will allocate them to reduce expenditures of the Reserve Fund. Indeed it is possible to increase spending but our safety cushion will be quickly thinned," Siluanov said.

"Even if we gain extra revenues, we should look at the developments. The trend should be to lower usage of the Reserve Fund resources," the minister added.

Earlier, Economic Development Minister Alexey Ulyukayev expressed the opinion that the government may have to revise the budget revenue for 2015 in May. If the Ministry's macroeconomic forecast is based on the notion that the oil price is $50 per barrel, then now it has been staying above $60 per barrel.

Russia’s Reserve Fund volume as of March 5, 2015 equals 4.72 trillion rubles ($77.7 bln), while the National Welfare Fund resources totaled 4.59 trillion rubles ($75.5 bln), Russia's Finance Ministry said earlier.

Resources of the fund were spent for the direct financing of the budget totaling 500 bln rubles ($8.1 bln) and purchase of Yamal LNG project bonds (75 bln rubles or $1.2 bln).

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