Russia cuts budget rule oil price, trims oil-gas revenue share to 17%

Russia's Finance Minister Anton Siluanov announced that lowering the cut-off price in the budget rule will reduce federal budget dependence on oil and gas revenues by an estimated 1 trillion rubles over the next three years. The share of oil and gas revenues is projected to fall to around 17% of total revenue, reflecting a structural shift in fiscal policy. This signals reduced sensitivity of Russian fiscal position to oil price volatility, with implications for budget stability and potential fiscal headroom.