Russian government prepares for price of $35 for barrel of oil

At a meeting with Russian Prime Minister Dmitry Medvedev, the Finance Minister Anton Siluanov proposed creating a scenario of $30-35 per barrel based on the fall in oil prices in 2016. According to Siluanov, they need to prepare a stress scenario of the macroeconomic forecast for 2016 on the basis of these figures, RBC reports.

It is reported that Dmitry Medvedev agreed with this necessity, suggesting that this negative scenario has every chance of becoming a reality.

The Russian Finance Ministry proposes changing the formula for calculating the tax on extraction of mineral resources to receive an additional 609 billion rubles from the oil industry in 2016. It is expected that the government will report to President Vladimir Putin about the likelihood of such a situation and the development of a negative scenario based on a price of $35 for a barrel of oil.