The Russian government will factor in continuing sanctions against the country in the 2017-2019 budget draft, Prime Minister Dmitry Medvedev said.
“While writing up the draft we base, as we have repeatedly discussed, on a cautious estimate of the economic situation on global markets, a conservative estimate. In particular, due to a quite low trend of oil prices within $40 per barrel of Urals within the entire three years and a possible retention of sanctions until the end of the forecast period”, Medvedev said.
The budget will include a high safety margin for the government to be able to fulfill all social liabilities in any economic circumstances, Medvedev said.
The prime minister also said that the Russian tax policy must be stable, which is why the government has rejected some ideas of taxation changes.
He said that imports replacement, non-energy exports must be stimulated by the tax and tariff policies, and industrial and technological cooperation development must be supported.
Preparation of the draft is at an advanced stage and will be sent for discussion by the government on October 13, and will be submitted to the State Duma, the parliament’s lower chamber, by October 28, Medvedev said. (Prime/Business World Magazine)
