"We are taking as a basis the external factors, namely — the oil price of $50 per barrel," Ulyukaev said.
The minister emphasized that this scenario could be considered "excessively conservative," as many experts believe that the oil price will be higher.
Earlier in January Sberbank head German Gref said that he expected oil prices to stabilize at around $60-$70 in the next few years.
Oil prices have been declining since summer 2014 amid market oversupply. During a November 2014 meeting OPEC announced it would not change oil output levels, triggering a further drop in global oil prices.
Current oil prices stand at $43.90 per barrel of WTI and $48.57 per barrel of Brent, according to Bloomberg.