Russia's lower chamber of parliament, the State Duma, approved the 2016 budget bill in its third and final reading on Friday, the RIA Novosti news agency reported.
Budget revenues are projected at 13.7 trillion rubles ($204 billion), with expenditures expected to reach 16 trillion rubles ($238 billion). The resulting deficit is estimated at 3 percent of Russia's projected GDP.
RIA Novosti reported that 297 Duma deputies voted in favor the bill, with 149 against and no abstentions.
This year, Russia switched from a three-year to a one-year budget planning cycle amid an economic recession, with the Kommersant newspaper quoting high volatility in financial and commodity markets as the primary reason in a report Friday.
The budget bill is based on estimated inflation of 6.4 percent or less for the year, and projects the average price of Russian Urals oil at $50 per barrel. Russia's Urals brand of oil typically trades at a discount to Brent, the international benchmark.
Russian GDP is expected to reach 78.7 trillion rubles ($1.15 trillion).
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.