Photo: Alexander Chizhenok / Kommersant
The collapse of oil prices has led to the replenishment of national reserves of Russia decreased dramatically. About the consequences of reducing the cost of raw materials reported owned by Grigory Berezkin RBC. According to the budget rule, all oil and gas budget revenues in excess of the cut-off price enter the national welfare Fund (NWF). It is a kind of airbag.
Considering that the cost of April futures for oil Brent at a minimum made 50,97 dollar per barrel, the excess above the cut-off price reached 8.5 per dollar. It is at least since the introduction of fiscal rules in 2018.
Earlier on Friday, 28 February, the ruble weakened against the dollar and the Euro. The U.S. currency traded at 66,83 of the ruble. Thus the fall of the Russian currency was 1.2%. Euro exceeded 73 rubles. In addition, the cost of a futures contract for a barrel of oil of mark Brent with delivery in April on the London exchange ICE decreased by 2.6% to 50.86 USD. Barrel mark WTI fell by three percent to 45.75 USD. The weakening of the market due to the spread of the deadly coronavirus.
In mid-February, President Vladimir Putin announced that the accumulated reserves guarantee the robustness of the economy. “The national welfare Fund exceeds $ 125 billion, international reserves amount to 560 billion dollars,” he said.
Video, photo All from Russia.