Putin signs bill on oil price increase

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MOSCOW, October 13 (RIA Novosti) - Russian President Vladimir Putin signed a bill into law raising the base price of Urals crude, the president's news service said Thursday.

The law, adopted by the State Duma, Russia's lower house of parliament, September 22, establishes the new price for Urals crude oil blend at $197.1 per metric ton ($27 per barrel).

The measure will allow the government to increase budget expenditures and to conduct more dynamic and flexible budget policies in the mid-term perspective while preserving macroeconomic stability and maintaining a balanced federal budget.

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