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Russia Looks to Reduce Dependence on Oil in Its Budget Revenues

Russia Looks to Reduce Dependence on Oil in Its Budget Revenues

Russia is looking to minimize the impact of volatile oil and gas prices on its budget revenues and sees the share of oil and gas sales of its state income declining, Russian Finance Minister Anton Siluanov has said. “We are moving towards reducing the share of volatile income and reducing Russia’s dependence on oil and gas in favor of boosting our domestic economy,” Siluanov told RT Television’s Arabic news service in an interview, as quoted by Russian media. A few years ago, oil and gas revenues made up 35-40% of Russia’s…

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