MinFin proposes 2013-2015 budget revenues based on $83, $88, and $89 per barrel - Vedomosti
MOSCOW. July 6 (Interfax) - Russia's Finance Ministry is proposing federal budget revenue for 2013 to be calculated based on an oil price of $83 per barrel, 2014 - $88 per barrel, and 2015 - $89 per barrel, Russian business daily Vedomosti reported, citing materials for Friday's government meeting.
According to the newspaper, budget revenue in 2013 should come to 12.4 trillion rubles, 2014 - 13.6 trillion rubles, and 2015 - 15.2 trillion rubles.
Total revenue is based on a new budget principle, which foresees the introduction of the oil price for the last five years with subsequent increases per year up to 10 years as the base for the budget.
If the oil price is higher that the figure factored into the budget, additional revenue is directed to Russia's sovereign funds.