Russia's MinFin might adjust management of oil and gas revenues for budget - Kudrin
MOSCOW. April 5 (Interfax) - Russia's Finance Ministry is looking into the possibility of adjusting its approaches for accumulating oil and gas budget revenues, Deputy Prime Minsiter and Finance Minister Alexei Kudrin told journalists on Tuesday.
He said that there is mechanism, which had been suspended during the crisis that foresees setting up a separate account for oil and revenues and transferring funds to the Reserve Fund and the National Welfare Fund. "This is the fundamental approach. We are now figuring out if it would be necessary to adjust it following the crisis," he said.
The minister said that the oil and gas revenue this year will start to be transferred to the Reserve Fund, adding that it would be necessary to introduce changes to the Budget Coe and restart the necessary ledgers for this. "If we don't restart this section, oil and gas revenues will remain in the leftover for the budget and not go into the fund," he said.