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Russian budget to be adjusted based on oil price of $50

On Wednesday, President Vladimir Putin said that a new version of the federal budget was drafted based on the oil price of $50 a barrel and the dollar exchange rate at the level of 61 rubles

© ITAR-TASS/Yuriy Smityuk

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Russian government to use $50 oil forecast to amend budget — PM Medvedev

MOSCOW, 5 March. /TASS/. Russia’s federal budget it to be adjusted in terms of the 2015 projections and for the subsequent two-year planning period. This issue, in particular, is put on the agenda of Thursday’s government meeting.

On Wednesday, President Vladimir Putin said that a new version of the federal budget was drafted based on the oil price of $50 a barrel and the dollar exchange rate at the level of 61 rubles. He also said that the amendments to the budget law should envisage the possible unavailability of funds borrowed from abroad.

According to the amendments, the budget revenues are cut by 2.6 trillion rubles ($42 billion) and expenditures — by 300 billion rubles ($4.85 billion). The budget deficit is planned at 2.8 trillion rubles. "In terms of GDP, it increases from 0.6% to 3.8% of GDP," Finance Minister Anton Siluanov said.

The amendments to the federal budget will be ready for submission to the State Duma lower house of parliament during the week.

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