Sergey Prikhodko, Executive Director of Gaidar Institute, commented to RBC during a plenary session of the Moscow Financial Forum, how the change of the base oil price will impact on budgetary expenditures.
According to Anton Siluyanov, Minister of Finances, the Ministry is planning to gradually reduce the budget dependance on the hydrocarbons’ exports. Under this strategy, the cut-off price for oil will be reduced by $1 annually and will reach $55 per barrel by 2030.
According to Sergey Prikhodko, "gradual reduction in the base oil price will not have any significant impact on spending. Spending will be maintained and there may be some cuts, but we currently have more important expenditures that are unlikely to be reduced."