Estimated budget revenues from rising oil prices

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Photo: Vladimir Astapkovich / RIA Novosti

Additional oil and gas revenues of the Federal budget of Russia for the first half of 2018, amounted to 1.7 trillion rubles, said the head of the Federal Treasury Roman Artyukhin. His words bring “news”.

According to artyukhina, this amount is the most from additional revenue budgeted for the year 2018 in the amount of 2.74 trillion rubles. These funds are accumulated in a separate foreign currency accounts and will be subsequently listed in the national welfare Fund.

According to the current budget rule, additional oil and gas incomes of the budget at an oil price of over 40 dollars per barrel received in the NWF. To this end, the Ministry of Finance buys foreign currency on the domestic market. In the period from 6 July to 6 August it is planned to purchase currency at 347,7 billion. This is done in order to form a sovereign Fund, but also to avoid volatility of the ruble: the Ministry reimburses the strengthening of the national currency generated through the sale of additional export revenues.

On 20 June the Minister of Finance Anton Siluanov said that without fiscal rules, the dollar would be in the range of 50 rubles. “Of course, the ruble would be stronger. But in the case of reduction of prices on oil, we would have had the opposite roll. This volatility, this unpredictability, of course, hits the entrepreneurs”, — said the official.

Video, photo All from Russia.

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