Russian budget addresses any scenarios in global markets — Finance Minister
Quick Look
Russian Finance Minister Anton Siluanov stated that the national budget is designed to withstand global market fluctuations, noting a reduction in the base crude oil price used for federal expenditure calculations to $50 per barrel for the next three years.
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Why It Matters
The Russian government is adjusting its fiscal planning to account for potential fluctuations in international energy markets.
MOSCOW, October 12. /TASS/. The Russian budget has been drafted to address any scenarios in international markets, Finance Minister Anton Siluanov said.
"The budget was prepared with consideration of resilience to any situation development scenarios in international market and the world economy," he said when speaking at the budget and taxes committee of the State Duma, the lower house of the Russian legislative assembly.
"To this end, we lowered the base crude oil price to account for federal budget expenditures from $59 [per barrel] this year to $50 [per barrel] during all three years of the financial plan," Siluanov added.
Open Questions
- What specific economic scenarios is the government anticipating?
