Russia plans to reduce its reliance on oil and gas revenue by diversifying its income sources and boosting the domestic economy.
Russia is looking to minimize the impact of volatile oil and gas prices on its budget revenues and sees the share of oil and gas sales of its state income declining, Russia n Finance Minister Anton Siluanov has said. “We are moving towards reducing the share of volatile income and reducing Russia 's dependence on oil and gas in favor of boosting our domestic economy,” Siluanov told RT Television’s Arabic news service in an interview, as quoted by Russia n media.
9 billion Russian rubles from oil and gas sales last month, per the data, which confirmed earlier Reuters estimates that proceeds would be roughly stable month-on-month. For the first nine months of the year, Russia’s oil and gas revenues surged by 49.4% annually to $87.5 billion 8.33 trillion rubles, according to the finance ministry data. Proceeds from oil and gas sales are the most important cash stream for Russia’s federal budget.
Oil & Gas Budget Revenue Diversification Economic Development Volatile Prices Internal Borrowings Budget Deficit Oil Production International Oil Prices.
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