Russian Reserve Fund to increase by 50%

Russian Prime Minister Dmitry Medvedev will increase the Reserve Fund using petroleum income of the federal budget of 2012.

The volume of petroleum income the Reserve Fund earned is the spread between petroleum income above 5.6 trillion rubles of the federal budget in 2012 and the sum of petroleum income used to pay for state loans and (or) income from sales of shares and other capital forms.

The Russian Ministry for Finances proposed allocation of 900.16 billion rubles of petroleum income of the federal budget of 2012 to the Reserve Fund. It will increase to 1.886 trillion rubles before the end of February.

According to the federal budget, the fund will be increased by 373 billion rubles in 2013, 596 billion rubles in 2014 and 818 billion rubles in 2015.

Adapted from: Vestnik Kavkaza