The government will conduct a second budget sequester

Moscow. January 12. At a meeting with Prime Minister Dmitry Medvedev in late December, it was decided not to bring the transferred 10% of limits of budgetary obligations on these 10% will make a reduction of Federal spending in 2016, informs the Agency Thomson Reuters with reference to sources among the participants.

According to the Protocol of the meeting, until January 15, agencies are to give suggestions on the recall brought them of limits of budgetary obligations by 10%.

The reduction will not affect public regulatory obligations, the salaries of state employees and servicemen’s salaries. Savings resulting from the reduction is estimated at 700 billion rubles.

The budget for 2016 is shaped based on the price of oil at $50 a barrel. Assessment income is 13 trillion 251 billion rubles, expenses – 15,417 trillion. The deficit will amount to 3% of GDP (2,165 trillion rubles).

Meanwhile, oil is getting cheaper, the 7th day in a row, breaking Tuesday another 12-year lows, amid concerns about demand for raw materials from China. The price of February futures for Brent oil dropped on London’s ICE Futures exchange, up 1.4% to $31,10 per barrel.

Contracts for WTI crude oil for February delivery on the new York Mercantile exchange (NYMEX) fell by 7:45 Moscow time on 1,45% – to $30,95 per barrel. These lower values of WTI was last reached in December 2003.