The government, in light of declining oil and gas revenue (OGR) in the federal budget, is planning to revise the budgetary rule by lowering the established base oil price, commonly referred to as the cut-off price. This statement was made by Finance Minister Anton Siluanov during a press conference in the State Duma on 25th February.

He noted that the share of oil and gas revenues within the overall structure of the federal budget is decreasing. Consequently, the government is considering measures to tighten the budgetary rule, particularly regarding the reduction of the base price, in order to preserve the assets of the National Wealth Fund (NWF) and alleviate pressure on the currency market.

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