Changes to the 2014 federal budget and budget plan because of higher revenue forecast

Vladimir Putin signed the Federal Law document “On Amendments to the Federal Law On the 2014 Federal Budget and the 2015-2016 Budget Plan”. Russia expects additional revenue from oil and gas sale.

The Federal Law makes amendments to the Federal Law No 349-FZ of December 2, 2013 On the 2014 Federal Budget and the 2015-2016 Budget Plan. The amendments clarify the budget parameters approved for 2014, based on the federal budget’s execution over January-April 2014 and updated forecasts for Russia’s socioeconomic development over 2014.

The 2014 federal budget’s main outlines were defined on the basis of forecast GDP of 71.493 trillion rubles [more than $2.1 trillion]. Forecast overall federal budget revenue comes to 14.238 trillion rubles (an increase of 668.3 billion rubles compared to the earlier forecast). This includes forecast additional oil and gas revenue of 1.567 trillion rubles (up 952.1 billion rubles on the earlier forecast). The federal budget’s surplus has been set at 278.6 billion rubles.

Source (text and photo): Official website of the President of Russia