PRESS: Ministry wants to use oil price of over $60/bbl to buy cash

MOSCOW, Jul 19 (PRIME) -- Russia’s Finance Ministry has suggested to buy foreign currency using windfall energy income at an oil price of over U.S. $60 per barrel, Vedomosti business daily reported on Tuesday citing a source close to the government and a federal-level official.

The ministry suggest adjusting the budget rule by raising the cut-off oil price to $60 per barrel and setting the production volume at 9.5 million barrels per day.

According the Finance Ministry’s budget, tax and customs policy for 2023–2025, the budget’s basic energy income is to be set at a level of 7.5 trillion rubles annually in the years.

(56.5616 rubles – U.S. $1)

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