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Decrease in extra budget revenues.

Summary: drop in oil prices will be diminished

Yesterday, Russia's Deputy Minister of Finance, Tatyana Nesterenko commented that if in 2012 the average Urals oil price stays at USD 100/bbl (vs USD 115/bbl planned in the law), it implies a decrease in extra budget revenues of only about RUB 100bn, as the effect from a drop in oil prices will be diminished by the weaker RUB. She also highlighted that recently the government has decided not to increase expenditures in response to the upwards revision of the oil assumption from USD 100/bbl to USD 115/bbl during the amendment process of the budget law, which resulted in more sustainable fiscal discipline.

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Publication:EMBIN (Emerging Markets Business Information News)
Date:Jul 10, 2012
Words:129
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