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RUSSIA'S ECONOMY

Russia’s finance minister says 2018-2020 budget will be based on new budget rule

The minister says the oil price required for bringing Russia’s budget into balance in 2017 amounts to $60 per barrel

MOSCOW, April 20. /TASS/. Russia’s Finance Ministry will base the budget for 2018-2020 on the new budget rule (mechanism of Russia’s budget formation, determines the maximum level of spending on the basis of oil prices), Minister Anton Siluanov said on Thursday.

"Now we have a unique chance to get rid of the dependence on oil completely and thoroughly," he said, adding that the Finance Ministry asks to support its "proposals and draw up 2018-2020 draft budget based on new (budget) rules."

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The oil price required for bringing Russia’s budget into balance in 2017 amounts to $60 per barrel, he said.

"The oil price, which brings the current account of balance of payments, totals $35-40 per barrel now, and $60 per barrel for balancing 2017 budget (at the initial level)," he said, adding that "in 2013-2014, the oil price around $95-105 per barrel was required for this."

Earlier Siluanov said the Ministry faces a task of brining 2019 budget into balance with the oil price at $40-45 per barrel.

The government’s economic bloc expects the new budget rule (mechanism of Russia’s budget formation, determines the maximum level of spending on the basis of oil prices) to be adopted at the State Duma’s spring session, the cut-off price will remain at $40 per barrel.

The essence of the rule is to transfer additional oil and gas revenues, which are formed if the actual price of oil exceeds the target price, to the Reserve Fund. This mechanism was suspended in 2015 due to plunging oil prices.

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Anti-Russian sanctions

Value of frozen Russian assets in Switzerland drops to $6.36 bln over the year

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Armenia remains engaged with CSTO — head of post-Soviet security bloc

Imangali Tasmagambetov noted that "relations between the CSTO and Armenia, which is a member state of our organization, are far from being at their best"

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Chinese diplomat cautions US against 'demonizing' China-Russia relationship

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Mobilization law condition for new supplies of arms to Kiev by NATO — source

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Ukraine turns from sovereign country into Western protectorate, Hungarian PM says

Viktor Orban noted that there should be a buffer zone between NATO and Russia and Ukraine could serve as one

Gagauzian leader on unity of Moldova’s opposition, ability to watch Russian TV channels

Yevgenia Gutsul underlined that Gagauzia plans to start exporting products to Russia in the near future

Confiscation of Russian assets by the US to affect Europe more — expert

The US decision may provoke panic among investors that would start withdrawing their funds from European banks, being concerned of their freeze and further confiscation

US 'not forgetting' to help itself with aid to Ukraine — Kremlin

"In any case, whatever the modality of providing this aid, de facto it is about provoking Ukraine into further hostilities down to the last Ukrainian, putting guarantted money in the pockets of the US," Dmitry Peskov said

Knauf to transfer its Russian business to local management — company

To complete the transaction, the German company is yet to receive the approval from Russian authorities

Ukraine’s military intelligence chief recognizes Russia’s success in Avdeyevka

Ukrainian troops suffered significant losses in the fighting for the control of this town

Press review: Dissecting US aid package to Ukraine and sands of global economy shifting

Top stories from the Russian press on Monday, April 22nd

Russia, Ukraine sought to agree on Crimea at Istanbul talks, Lukashenko says

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WADA explains difference between Valieva’s case and Chinese swimmers’ violations

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Assad says sure Russia will win conflict in Ukraine, re-unite brotherly peoples

Russia, in his words, is "correcting what others have done"

Russian peacekeepers heading for temporary deployment centers in Armenia

The Armenian government provided Russian peacekeepers in Nagorno-Karabakh with places for temporary deployment in Goris and Sisian

Top Security Council official meets with Cuban interior minister, foreign counterparts

Nikolay Patrushev also held talks with Brazilian Special Advisor for International Affairs Celso Amorim

Russia becomes Europe’s first economy despite 'pressure from all sides,' Putin says

"We have left all of Europe behind in terms of purchasing power parity but as for the per capita indicator, we need to work harder," the Russian leader stressed

Ukrainian troops fleeing Ocheretino in small groups, says DPR

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Chinese car plant to start production at former Mercedes site in Moscow region in May

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Current Russian turn eastward possible owing to Baikal-Amur railway — Putin

BAM personifies giant labor and courage of two million very young people from across the entire Soviet Union, the Russian leader said

West balancing on edge of direct military confrontation between nuclear powers — Lavrov

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Conflict in Ukraine can be over by end of 2025, Hungary’s Orban believes

Prime Minister said that it is possible if proponents of peace, not war, win the June elections to the European Parliament and the US Presidential elections in November

Dollar almost completely gone from Russia-China trade relations — Lavrov

"The supply of our agricultural products to the Chinese market is growing," the top Russian diplomat noted

Transport National Project funding estimated at over $109.2 bln by 2030

"The greater portion is railroad projects - 60%," Russian Deputy Transport Minister Valentin Ivanov said

TikTok criticizes bill that would ban platform in US as free speech violation

On April 20, the House passed the legislation that would ban the platform in the United States unless the Chinese owner, ByteDance, sells its stake within a year

Revival Party leader released after being questioned by Moldovan special services

According to Natalia Parasca, around 100 delegates to the Moldovan opposition forum in Moscow were held at the Chisinau airport for about three hours

Ukraine says Western systems ineffective against Russia's electronic warfare

Maria Berlinskaya emphasized that the real effectiveness was determined in real combat conditions, and not at "some training ground in Texas"

Qiwi projects $247 mln loss over sale of Russian assets

Moreover, Qiwi plc acknowledged impairment by $155 mln in 2023 due to the same reason

New anti-Russian sanctions to include ban on LNG supplies — Swedish Foreign Minister

Tobias Billstrom deemed adopting the 14th sanctions package "one of the most important things"

NATO’s backing of Kiev’s strikes beyond special op area makes peace unachievable — expert

"The position of the majority of Western states negatively affects the probability of a peaceful settlement of the conflict, creating a risk of further escalation," Jiraporn Ruamphongphatthana believes

Russia firmly ready for peace solution in Ukraine — Kremlin spokesman

"There has been no new peace initiative, there has been a statement of the fact of Russia's readiness for a peace solution to the Ukrainian problem," Dmitry Peskov said

Destroyed TV tower in Kharkov carried Ukrainian air defense coordination device — official

Digital TV signal interruptions are now observed in the city

Involvement of NATO states prolongs Ukrainian conflict — Russian ambassador to Germany

"Ukraine today is fully dependent on supplies of Western weapons, military hardware, ammunition, financing, intelligence, and assistance from military advisers," Sergey Nechayev said

US has no idea what to do about Zelensky — Seymour Hersh

According to the journalist, the decision to conduct the operation was made by US President Joe Biden personally, following nine months of discussions with White House national security advisers

Russian troops liberate Novomikhailovka community in DPR — top brass

Russia’s Battlegroup West repulsed four Ukrainian army counterattacks over the past day, the Defense Ministry reported

Russia to incorporate US nuke scenario in Poland in its military planning — diplomat

"Poland’s authorities make no secret of their striving to lean closer on the US nuclear weapons deployed in Europe and are actively using these ambitions in their hostile Russian policy," Maria Zakharova stressed

Senior lawmaker threatens US with retaliation for 'stealing' Russian assets

"Now, our country has every reason to make symmetrical decisions against foreign assets," Vyacheslav Volodin said