Russia suspends 2022 budget rule to finance deficit, projects

MOSCOW, Apr 8 (PRIME) -- The Russian government has suspended the 2022 budget rule to use some of the additional oil and gas revenue to cover budget deficit and to finance priority spending instead of putting it fully into the National Wealth Fund, the government said in a statement on Friday.

Under the budget rule, the Finance Ministry has to buy foreign currencies and gold for the National Wealth Fund using the revenue received from the oil price that is higher than the cut-off level, which for 2022 stood at U.S. $44.2 per barrel.

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