Russia to Get Oil-and-Gas-Free Budget in 2008

Russia will adopt its first budget which would not rely on oil and gas revenues in 2008, Finance Minister Alexey Kudrin told reporters on Friday. Financial officials are to submit the amendments to the Budget Code within two weeks.

From 2008 on, oil and gas revenues in the federal budget will be kept apart from other kinds of revenues. Authorities will also set the size of the oil and gas transfer for current budget expenses which will be calculated in relation to the GDP. The amount of the transfer will be unchanged at least next 20 years, according to Minister Alexey Kudrin.
The financial minister earlier mentioned that Russia would be able to cure itself from the Dutch disease in the next 30 or 40 years, but gave no detailed prognosis. He also underscored that demand on oil and gas would be still high in the next 20 or 30 years. Analysts note, though, that the wealth of oil-rich nations will soon be jeopardized by a boom in alternative energy sources rather than by a low demand on fuel.

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