Russia got off the oil needle
The share of oil and gas revenues in the Russian budget will be one third, whereas previously it was 60%. Finance Minister Anton Siluanov announced this today, speaking at the State Duma of the Russian Federation, presenting the draft budget for 2018-20.
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“We are reducing the budget’s dependence on the sale of oil and gas. The oil and gas deficit will be reduced from 8,5 to less than 6%,” Siluanov said, as reported by a PolitNavigator correspondent.
The head of the Russian Budget Committee, Andrei Makarov, believes that Russia has gotten rid of oil and gas dependence.
“Pensioners don’t need to rush to TV every morning and watch, as it was just recently, what the price of oil is on the New York Stock Exchange, because it depended on whether they would receive a pension. Today this problem does not exist from the point of view of financial security of obligations. We are strengthening the country by leaving the oil needle,” Makarov said.
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