Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Oil Could Balance Budget

The country could balance its budget this year if oil averages about $115 a barrel, or more than 50 percent above the government's target price for the country's chief export, Finance Minister Alexei Kudrin said Monday.

"We would need to take an average price for the year of about $115" to balance the budget, Kudrin said. Urals crude, the main export blend, has averaged $100.14 this year, reaching as much as $114 on March 1.

Russia last month ran a budget surplus of 52.8 billion rubles ($1.9 billion), or about 0.7 percent of GDP, the Finance Ministry said Friday. The government expects the budget to remain in deficit through 2014 based on an average price for Urals crude of $75 this year and $78 in 2012.

(Bloomberg)

Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.