Russia reduces budget's dependence on oil

Russia reduces budget's dependence on oil

Russia's non-oil and gas budget deficit will be less than 6% in 2018-2020, the head of the Russian Ministry of Finance Anton Siluanov said, speaking yesterday at the meeting of the State Duma Committee on Budget and Taxes.

He also said that the oil price of $40 per barrel is the level that provides the country with reliability in terms of external fluctuations for this type of raw materials, which is the main source of export earnings.

"We are reducing the budget deficit, we are reducing the budget  dependence on oil. Our non-oil and gas budget deficit will reduce to less than 6% in 2018-2020, and in 2019 we stop spending our reserves, which we continue to use this year and in next year," TASS cited Siluanov as saying.

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