The government, in light of declining oil and gas revenues (OGR) in the federal budget, is planning to adjust the budget rule by lowering the established baseline oil price—commonly referred to as the cutoff price. This statement was made on February 25 by Finance Minister Anton Siluanov during a press briefing in the State Duma.
He pointed out that the share of oil and gas revenues in the structure of the federal budget is diminishing. Therefore, the government is considering tightening the budget rule to preserve the resources of the National Wealth Fund (NWF) and to mitigate pressure on the currency market by "lowering the baseline price."
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