the Decline in revenues from oil exports from Russia is inevitable after the spread of the coronavirus, predicts the Chairman of the accounts chamber of the Russian Federation Alexey Kudrin.
“In 2019 for the first time in ten years, the proportion of net exports declined to 7.7 percent of GDP. Amid the spread of the virus from China, the likelihood of reduced revenue from oil exports in the first quarter almost inevitable, ” wrote the Minister on Twitter.
Earlier, Finance Minister Anton Siluanov said that the budget been drawn up for 2020, balanced and insured against various negative scenarios in the oil market.
In December 2019, Russian President Vladimir Putin signed the law on the budget of the Russian Federation for the years 2020-2022. In 2020, the budget surplus will amount to 0.8 percent of GDP in 2021 — 0.5 percent, and in 2022 — 0.2 percent of GDP. According to the “budget rule” all additional oil and gas revenues Russia received with the price of oil above the level of the cut-off — 42,4 USD per barrel in 2020 shall be addressed to the national welfare Fund. The non-oil deficit over three years is planned at the level of 5.8-5.9 percent of GDP.