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Russia’s State Duma passes bill on federal budget for 2018-2020

November 24, 12:00 UTC+3 MOSCOW

The bill also envisions a transition to the new budget rule

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© Sergei Fadeichev/TASS

MOSCOW, November 24. /TASS/. Russia’s State Duma (lower house of parliament) has passed the bill on federal budget for 2018 and the planned period of 2019-2020 in its third reading. According to the bill, Russia’s budget revenues will amount to 15.26 trillion rubles ($256 bln) in 2018, 15.55 trillion rubles ($260 bln) in 2019, and 16.3 trillion rubles ($273 bln) in 2020.

Expenditures are planned at 16.53 trillion rubles ($277 bln) in 2018, 16.4 trillion rubles ($275 bln) in 2019, and 17.15 trillion rubles ($287 bln) in 2020. Federal budget deficit will total 1.3 trillion rubles ($21.8 bln) in 2018, 819.1 bln rubles ($13.7 bln) in 2019, and 870 bln rubles ($14.5 bln) in 2020.

The bill also envisions a transition to the new budget rule (mechanism of Russia’s budget formation, determines the maximum level of spending on the basis of oil prices - TASS).

Starting 2018, additional oil and gas revenues received from the price of Urals crude oil above the base of $40 per barrel in 2017 prices, will be allocated on reserves instead of expenditures. The base price will be adjusted by 2% annually starting 2018.

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