Budget Unaffected by Oil Price Fall – Dvorkovich

The Russian authorities have no concerns about the state of the federal budget despite falling global oil prices, Kremlin economic aide Arkady Dvorkovich said on Thursday.

“So far, oil prices are higher than stipulated in our budget projections and so there is no concern about that,” Dvorkovich said.

The amendments to the 2012 budget submitted to Russia’s parliament envisage raising the average oil price projections from $100 per barrel to $115 per barrel.

International Brent crude oil prices are currently hovering at above $110 per barrel.

Acting Finance Minister Anton Siluanov has said a fall in the average price of Russian Urals crude blend to $110 per barrel will deprive the budget of 300 billion rubles ($10 billion) in revenues.

The price of Russia’s Urals blend has averaged $117 per barrel since the beginning of this year.


Leave a comment