The State Duma adopted a law amending the budget rule – Kommersant

The State Duma in the third and final reading adopted amendments to the Budget Code, which establish a new scheme for determining basic oil and gas revenues of the state budget from 2024. According to the amendments, they will be determined depending on the cost of oil, natural gas, export alternatives for motor gasoline AI-92 class 5 and diesel fuel class 5. The law also establishes the calculation of the budget rule based on the base price of oil at $60 per barrel.

According to the document, starting from 2027, base prices for oil and natural gas can be indexed annually by 2% at the level of currency inflation. The base export price for natural gas is set at the average annual level – $250 per 1 thousand cubic meters. m. Basic prices for class AI-92 gasoline and class 5 diesel fuel are set based on average annual export prices.

Currently, there is a budget rule according to which additional budget revenues from oil sales above the base price are directed to the National Welfare Fund. By data Ministry of Finance, in 2023 the level calculated from oil and gas revenues is 8.9 trillion rubles, 900 billion rubles. of which are sent to the National Welfare Fund. September 22, head of the Ministry of Economy Maxim Reshetnikov reportedthat export prices for Russian oil in 2024–2026 will be about $70 per barrel. “This is a fairly conservative estimate. Now prices in rubles are about 20% higher than forecast,” he said.

Read more about the correction of the budget rule in the Kommersant article. “The Accounts Chamber took a closer look at the budget”.