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RUSSIA'S ECONOMY

Finance ministry: Russia’s Reserve Fund, National Wealth Fund will not be depleted

The position of the ministry is that "spending of funds should be minimized"

© Artiom Geodakyan/TASS

MOSCOW, July 18. /TASS/. The Reserve Fund and the National Wealth Fund will not be completely depleted, Russian Deputy Minister of Finance Alexeн Moiseev said in an interview with Rossiyskaya Gazeta newspaper to be published on Tuesday.

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Russian Finance Ministry admits Reserve Fund may be depleted in 2017

"We will not bring the Reserve Fund and the National Wealth Fund to the condition of complete depletion. The budget deficit will be contracted. It will be financed at the expense of renewable sources, privatization and government bonds floating in the first instance. Then expenditures from sovereign funds will stop," the official said.

The position of the ministry is that "spending of funds should be minimized," Moiseev said.

Meanwhile, the Russian budget will receive about 190 bln rubles ($3 bln) of dividends from state-owned companies this year and somewhat 250 bln rubles ($4 bln) in 2017, the official said.

"Considering all the exceptions made for state-owned companies, we nevertheless intend to bring nearly 190 bln rubles ($3 bln) to the budget. About 250 bln rubles ($4 bln) are expected to be earned in 2017 if the dividend rate remains 50% [of net profit]," Moiseev said.

The Ministry intends to insist from the next year that state-owned companies pay dividends from the net profit under International Financial Reporting Standards and not under Russian Accounting Standards, he added.

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White House effectively rules out option for US forces to intercept Russian missiles

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Russia, Belarus sign aircraft production agreement

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Israel considering retaliatory steps following Iranian attack — top brass

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Kiev recognizes Russia's tenfold superiority in artillery shells

Vladimir Zelensky admitted that Ukraine had no chance of winning victory without support from the West

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Russia developing Start-1M carrier rocket as derivative of Topol-M ICBM — source

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'Iron Dome' can't fully protect from UAV swarms — Chinese expert

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Russian forces find coordinates of DPR churches at former Ukrainian positions in Avdeyevka

It was possible to establish that the Ukrainian servicemen were tasked with hitting Orthodox sites in the region aide to the head of the Donetsk People's Republic Igor Kimakovsky said

Macron draws distinction between Israeli, Russian Olympic participation

The French leader stressed that Israel was responding to a terrorist attack

Demarche delivered to UK consul general in Yekaterinburg over propaganda work

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Israel postpones Rafah operation after Iranian attack — CNN

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Kremlin mum on reports about discussions of Black Sea maritime security pact

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Israel remains on highest alert as it chooses response to Iran’s attack — senior commander

"Iran will face the consequences for its actions," IDF Chief of Staff Herzi Halevi said

Ukrainian troops hunker down in abandoned apartments in Kherson — governor

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