Reshetnikov: the final decision on the new budget rule has not been made
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According to him, “different people offer different options.” “It is pointless to discuss them without a general budget structure, because in one way or another it is emission and pressure on the foreign exchange market,” Reshetnikov said.
In the old budget rule for additional income from the high oil price (in 2022, the cut-off bar is at the level of $44.2/bbl), the Ministry of Finance buys foreign currency and gold for the National Welfare Fund. In early March, the ministry announced the suspension of the rule for 2022. Before that, Western countries froze about $ 300 billion of Russia’s gold and foreign exchange reserves, including funds from the NWF, as part of the sanctions. In mid-June, First Deputy Prime Minister of Russia Andrei Belousov in an interview with TASS toldthat the issue of the budget rule is being “re-raised” in the government, but the final decision, according to him, has not yet been made. Belousov noted that, in his opinion, oil and gas revenues should go primarily to investments, but at that time there was no “clear answer” to the question of what the new budget rule should be.
June 16 Finance Minister Anton Siluanov declaredthat in the new budget rule there is a dependence not only on the price of oil, but also on various options for the volume of production and export of hydrocarbons.
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