REUTERS
Russian Finance Minister Anton Siluanov has warned of possible depletion of the Reserve Fund as early as in 2016, Russian information agency TASS reported.
It is expected that the reserves will shrink by approximately 2.6 trillion rubles ($41.5 billion), more than half of the volume, towards the end of the year, according to the minister.
It is noted that with oil prices and the dollar exchange rate maintaining at their current level, the Russian budget will fall short of $14.4 billion in 2016.
The 2016 draft budget has been drawn up based on the average annual oil price forecast of $50 per barrel and the average annual exchange rate of 63.3 RUB/USD.
Read alsoRussia projects reduction in country's share in global oil productionThe Russian federal draft budget for 2016 was submitted for consideration of the State Duma by the Russian Government on October 23. According to the document, the budget revenues next year are projected at $219.8 billion, and expenditures – at $257.5 billion. The Russian budget deficit is expected at $37.7 billion, or 3% of GDP. Presumably, the first reading of the budget will be held on November 13.
Read alsoGazprom said to see its lowest Europe gas price in 11 yearsPreviously, Siluanov said that the Reserve Fund would amount to $54.3 billion at the end of 2015. It will mostly be used to finance the budget deficit in 2016, according to the minister.
The volume of the National Welfare Fund is estimated at 4.9 billion rubles ($78.4 million) in 2015, and will remain unchanged, the minister added.