Adjusting oil price cut-off level from $60 per barrel should be considered when preparing budget for new 3-year period - Russian Finance Minister

MOSCOW. May 28 (Interfax) - The issue of adjusting the oil price cut-off under the budget rule will need to be considered when preparing the budget for 2026-2028, Finance Minister Anton Siluanov said at the State Duma.

"We need to think about whether, when preparing the new budget for the medium term, we should review the cut-off price level, the baseline price of $60 per barrel, to what extent it currently corresponds to the levels that allow us to ensure not only the preservation but also the replenishment of the National Wealth Fund [NWF]," he said.

"In this regard, together with the members of the State Duma during the preparation of budget policy, we will discuss both the baseline price and the replenishment of the National Wealth Fund, as all of this is linked to the overall budget balance. It is not a simple issue, but we will resolve it together with you during the discussions on the budget for the upcoming three-year period," he said.

Under current conditions, with oil prices below the cut-off level, new expenditures from the NWF should be approached cautiously, he said.

The use of 447 billion rubles from the NWF is planned for 2025, "because the oil price in some cases is below the baseline level, under $60 per barrel," he said.