Finance minister: Russia ready for fall in oil prices

MOSCOW, Mar 11 (PRIME) – Russia is ready to a fall in oil prices better than any other crude-producing state, the budget will meet all the obligations, Finance Minister Anton Siluanov told reporters on Wednesday.

“In the present situation with lower oil prices, we can see that we should always be ready for such situations. We are completely ready,” he said.

“We have prepared ourselves better that other states with large energy incomes, which have to reduce their budgets now. We will fully meet all the obligations. We will not reduce or decrease the recent budget amendments.”

In January, President Vladimir Putin set a number of important social support initiatives in an address to the Federal Assembly, Russia’s parliament.

The State Duma, parliament’s lower house, has approved amendments to the 2020–2022 federal budget, envisaging spending 4.57 trillion rubles, including 4.36 trillion rubles from the federal budget on the presidential orders, in the second reading.

(72.0208 rubles – U.S. $1)

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