Russia’s Finance Ministry has submitted a budget rule proposal to Prime Minister Dmitry Medvedev, Interfax reported, citing the proposal.
The ministry proposed calculating the budget based on the average oil price for the past five years starting in 2013, the Moscow-based news service reported. The average price used in subsequent budgets would add a year until 2018, after which the 10-year average would be used, Interfax reported.
Federal government spending would be capped under the new rule to allow a deficit of no more than 1 percent of gross domestic product, the news service reported.
To contact the reporter on this story: Ksenia Galouchko in Moscow at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com