The Ministry of Finance made a waste of reserves, while maintaining oil prices at $30


The annual oil prices at $30 per barrel may require additional use of funds from the Reserve Fund. This was stated by the Minister of Finance of Russia Anton Siluanov.

“We certainly are not magicians. Of course, if the price will remain at $30, we may have to ask for reserves,” the Minister said (quoted by “Interfax”). However, he stressed that the Cabinet of Ministers seeks to minimize such decisions.

According to Siluanov, the amount of lost income when the cost of oil at $30 per barrel will amount to 2-2. 5 trillion rubles.

Earlier, Prime Minister of Russia Dmitry Medvedev said that in recent years the country’s income from oil and gas sales decreased from 70% to 45%. According to him, this situation is due, in particular, with low oil prices. The Prime Minister added that more than half of budget revenues not received due to the sale of oil.