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Vice Premier Alexei Kudrin has determined parameters of the RF budget system stability.
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Nov. 13, 2008
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Russias Finance Minister Declared Oil Price
Russias authorities wont revise three-year budget that sets forth the Urals price of $95 per a bbl even if the price fells below $60. Vice Premier Alexei Kudrin announced yesterday the years average prices at which the government will be able to stick to existing budget, spending the money of Reserve Fund, if necessary. These prices are $50 in 2009, $55 in 2010 and $60 in 2011.
Russias Vice Premier and Finance Minister Alexei Kudrin participated yesterday in the Federation Councils discussion of 2009-2011 budget, timing the event to the governments hour where he presented to senators the Budget Strategy till 2023.

The government wont revise budget if the Urals average price sinks below $60, Kudrin said when delivering new recommendations related to the budget strategy of the cabinet in the next three years.

Despite the drop in the oil and gas revenues of the budget from 50 percent to 30 percent as a result of the ailing prices for crude oil, the government will have to amend the budget in early 2009 only to adjust inflation, tariff rates and demand indicators.

In Kudrins ministry they apparently consider that the current decline in oil price to $55 per a barrel is temporarily. According to Kudrin, they dont intend to revise the 15-year oil outlook with forecasted barrel price of $65 to $70. Yesterday, the vice premier informed senators about the oil prices at which the government is able to execute the budget (although without filling the Reserve Fund and the Next Generation Fund).

These prices are $50 in 2009, $55 in 2010 and $60 in 2011. In essence, it is the threshold of the budget structure. Kudrin presented it as the Finance Ministrys outlook, speaking about the absence of any need to correct the budget in part of state spending for the next three years.
www.kommersant.com

All the Article in Russian as of Nov. 13, 2008

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