Russia Tightens Budget Rules Amid Falling Oil Income

Here’s a breakdown of the key facts from the provided text, focusing on Russia’s budget and oil/gas revenues:

* Budget Rule Abandonment: Russia effectively⁤ abandoned its budget rule in August 2023, over a year after the invasion of Ukraine. This rule previously dictated how oil revenues where handled. Authorities ‍were ⁢considering lowering the oil price threshold for the rule as early as‍ May 2025.
* Lower oil price Threshold: The ⁢government is considering a new oil price threshold, which will lower the share of energy revenues in the 2026 budget to⁢ 22% (compared to 25% earlier in 2024).
* Revenue Decline: Oil and gas revenues for January-September ‍2024 are projected ‍to decline by 20.5% (to 6.62 trillion rubles / $79.58⁢ billion). September revenues alone are expected to drop‍ 23% (to 592 billion rubles / $7.1 billion). This is attributed to lower global prices and a stronger ruble.
* Budget Revision: A federal budget revision is planned for⁤ September to align with “socio-economic policy ‍priorities.”
* Draft Budget Assumption: Russia’s⁢ 2025 draft budget assumed an average Urals crude price of $69.70 per⁢ barrel.
* Siluanov‘s Role: Finance Minister Siluanov has been advocating for budget rule changes as spring when oil prices fell ⁢below $60/barrel.
* ⁤ Context: The Moscow ⁣Times notes it has been designated an‍ “undesirable”⁤ organization by the Russian government, putting its staff at risk.

In essence, the article details Russia’s struggle with declining oil and gas revenues, leading to adjustments in its budget rules and a planned revision of the federal budget. The lower oil prices and stronger ruble are key factors driving these changes.