The budget will lose 1.5 trillion rubles next year at current oil prices

Moscow. December 11. The budget shortfall will be Russia in 2016 with oil price at $40 per barrel would be approximately 1.5 trillion rubles, compared with the baseline scenario at $50 per barrel, said Deputy Minister of Finance Maxim Oreshkin.

“The Finance Minister has already said that it is about 2% of GDP. In absolute terms this is approximately 1.5 trillion roubles,” he told reporters.

Earlier, Finance Minister Anton Siluanov said that if oil prices at $40, the government will have to take measures for revenue mobilization, a more conservative approach to spending and measures to stimulate economic growth, to carry out assigned task and the President to keep the deficit within 3% of GDP.

The draft law on the budget for next year envisages GDP is 78 trillion 673 billion. Thus, the revenue shortfall is estimated at about 1.5 to 1.6 trillion rubles. Earlier, the Finance Ministry announced an assessment of the risks of revenue leakage in connection with current oil prices and the ruble exchange rate to 1 trillion rubles.