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Russia’s federal budget has not become more dependent on oil revenues — finance minister

According to Anton Siluanov, the macro forecast takes into account the oil price of about $70 per barrel

MOSCOW, December 26. /TASS/. Russia’s federal budget has not become more dependent on oil and gas revenues, they account for approximately a third of revenues, Finance Minister Anton Siluanov said in an interview with the Rossiya-24 TV channel.

"No more and no less than in previous years [the budget depends on oil and gas revenues]. The federal budget replenishes approximately a third of its revenues from oil and gas sources," Siluanov said.

According to him, the macro forecast takes into account the oil price of about $70 per barrel.

"But in general, the budget takes into account $60 per barrel as part of its basic planning targets. That is, the difference between 60 and 70 dollars is sent to the National Wealth Fund. Therefore, even if the oil price is lower than planned, we will be able to fulfill all obligations in any case, but we will form a slightly smaller National Wealth Fund. Although I am sure that we will meet our planned targets for the National Wealth Fund," the minister said.

Siluanov noted that mechanisms for fulfilling all budget obligations have been created for 2024, regardless of external market factors.

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