YEREVAN, November 26 /ARKA/ Russia will lose one trillion rubles in revenue in 2015 because of worsening external economic situation, slowing domestic economic growth and reduction in imports, Russian Finance Minister Anton Siluanov said Wednesday when speaking at the Federation Council, the upper chamber of Russian parliament.
“Our budget and economic plans need to be configured based on new macroeconomic events, which in our view won’t change soon. The new price for oil of $80-90 per barrel will most likely remain for the long haul,” Siluanov said
“Therefore, when planning the budget for the new budget cycles, we need to base it on the oil price forecast that we expect.”
“We, of course, have risks for the next year, and first of all this is the price for oil. If this situation continues with the ruble’s exchange rate and oil prices like today, then we will lose around 500 billion rubles ($10.7 billion) in revenue,” Siluanov stated.
The minister has also pointed out that Russia’s budget is at risk “in the slowing of economic growth,” those risks may account for another $10.7 billion in losses.
In recent months Russia’s economy has been exhibiting signs of a minor slowdown due to geopolitical tensions and a drop in oil prices.-0-
