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    Pump jacks are seen at the Lukoil company owned Imilorskoye oil field, as the sun sets, outside the West Siberian city of Kogalym, Russia, January 25, 2016

    Russian Budget May Get Extra 1 Trln Rubles from Oil Revenues in 2017

    © REUTERS / Sergei Karpukhin
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    The Russian Finance Ministry is expecting to receive about 1 trillion rubles (some $15.7 billion) in additional oil revenues in 2017 if the crude price will stay at $50 per barrel, Finance Minister Anton Siluanov said Wednesday.

    MOSCOW (Sputnik) — Russia is planning to split the sum equally between budget expenses and reserves, he said.

    "If the oil price will stay at around $50 per barrel [in 2017]…we could get about 1 trillion rubles in additional revenues," Siluanov told reporters in Moscow.

    "The question is whether to spend it all or retain some sort of safety cushion through reduction of reserve spending. If the [oil price increase] trend remains through the next year, I think, the decision will be somewhere in-between," the minister stressed.


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