Report: Russian Fin Min says sees budget balanced with $60 oil price

MOSCOW, May 31 (PRIME) -- The Russian budget is balanced if oil price amounts to U.S. $60 per barrel, Finance Minister Anton Siluanov told channel CNBC in an interview broadcast on Wednesday.

“We have reduced the dependence (on oil price) and have balanced the budget… (with oil price) at $60 per barrel, and we must continue the trend,” Siluanov said.

He also said that the budget was earlier balanced with $100 per barrel oil price.

The increased oil and gas revenue allowed the government to start replenishing the reserves. The income of the Russian budget grew 25% on the year, Siluanov said.

He also said that the Finance Ministry expects the budgetary deficit to be 2% of the gross domestic product (GDP) in 2017 and sees its key task in preparing the budget for the next three years.

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