The government, in light of declining oil and gas revenues (OGR) affecting the federal budget, plans to adjust the budget rule by lowering the established baseline oil price, known as the cutoff price. This was announced on February 25 in the State Duma by Finance Minister Anton Siluanov.
He emphasized that the share of oil and gas revenues in the structure of the federal budget is decreasing. Consequently, the government is considering tightening the budget rule "in terms of lowering the baseline price" to preserve the National Wealth Fund (NWF) and to alleviate pressure on the currency market.
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