From $95 Oil to $41 Oil - Russia’s Revised Budget

Finance Minister Alexei Kudrin previewed Russia’s revised 2009 budget yesterday.  The original 2009 budget was based on an oil price of $95 per barrel and projects a surplus of 1.9 trillion rubles ($54 billion).  The new budget is based on $41 oil and projects a deficit of 8% of GDP.  Kudrin said that Russia’s Reserve Fund and National Welfare Fund will provide up to 2.7 trillion and 255 billion rubles, respectively, to help make up the deficit. Read more »