Updated 07:19 p.m. Moscow Time
MOSCOW, September 14 (RIA Novosti) - The Russian Finance Ministry said Sunday it did not plan any cash injections in the country's Reserve Fund by the end of 2014, adding chances for allocations in 2015 were just as slim.
"We are not going to beef up the Reserve Fund this year because we plan to substitute for all oil and gas revenues, as well as the missing incomes from foreign and domestic loans… There used to be plans for a small contribution [ to the RF], but they have been scrapped. We prefer to get smaller loans. The price of domestic loans on [Federal Loan Bonds] has reached about 10 percent, and we don't want to borrow at such a price," Russia's Finance Minister Anton Siluanov told journalists.
In July, Russian Deputy Finance Minister Tatiana Nesterenko said the Reserve Fund would be swelled in 2014 by an additional 100-120 billion rubles.
But the finance minister said Sunday this was not happening either this year or the next one. "It's very unlikely that we'll add any funds to the Reserve Fund next year either," Siluanov noted.
The chief Russian economist stressed the Kremlin would consider tapping into the Reserve Fund only in case of a marked decline in oil prices.
"Our task is to keep away [from the Reserve Fund] unless there is a serious fluctuation in oil price rates," Anton Siluanov said.
The minister said reserve funds could be used if oil prices dropped to 80-90 dollars per barrel of crude.
"If there is no sharp decline in prices, we will keep the Reserve Fund sealed as long as the income flow is at the expected level," Anton Siluanov added.
As of 1 September 2014, the Reserve Fund holds an equivalent of $91.72 billion.
