The Russian budget is on track to lose 331 billion rubles ($6 billion) next year as the economy veers toward recession, news agency TASS quoted Russia's Audit Chamber head Tatyana Golikova as saying Tuesday.
The statement comes shortly after the Economic Development Ministry slashed its economic growth forecast, officially predicting a 0.8 percent decline in GDP for 2015.
The price of oil has plummeted more than 40 percent since June, playing havoc with the weakened Russian economy and, in particular, with the federal budget, which gets half of its revenues from energy taxes.
The recently passed budget for 2015-17 assumes an oil price of $100 per barrel — a figure that now looks increasingly out of reach. The Economic Development Ministry has lowered its forecast to $80 next year, which is still above Tuesday's level of about $67 per barrel.
The Audit Chamber's estimate of Russia's losses, however, falls far short of other figures named. In late November, Finance Minister Anton Siluanov said the budget stood to lose 1 trillion rubles ($18 billion) in 2015.
The revenue loss will put severe strain on a budget already under pressure from heightened spending on defense and public sector wages.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
