10 December 2003 17:09
Russia to have stabilization fund to offset oil price fluctuations by May 2004
Moscow, 10 December: Russia's Federation Council, the upper house of parliament, approved at its meeting
Wednesday [10 December] a bill to create a stabilization fund in Russia.
The fund will be formed starting 2004 by the federal budget's extra revenues in the event of the world oil
prices exceeding the Urals oil blend base price of 20 dollars per barrel.
Also, total federal budget accounts, excluding the amount of funds allocated for other purposes, are to be
transferred to the stabilization fund at the beginning of each financial year.
The fund may be used to cover the budget deficit in the event of the oil price going below the set level. The fund
can also be used for other purposes once it exceeds R500bn. [Passage omitted]
The stabilization fund is expected to be established by May next year. The bill, which has yet to be signed into law
by the president, is to take force 1 January.
[Prime-TASS news agency] |
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