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The Treasury will not replenish the NWF if the oil price is below $70 per barrel

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Moscow, December 25 – Finance Minister Anton Siluanov said that in 2023, the Ministry of Finance of the Russian Federation will not supply the National Wealth Fund (NWF) with oil below $ 70 per barrel, and at an “extremely low” price it will increase borrowing or use NWF funds. In an interview with Al-Sharq News Channel.
“I have already said that we are trying to be less dependent on price or some other factor that affects budget revenues, so we set a price of $70 a barrel for next year. If it is lower, we have a certain margin of stability that at $70 a barrel, we plan to To send a certain level of income to the National Welfare Fund, a little less than a trillion rubles. If the price is lower, we will not replenish the National Welfare Fund, respectively. .
The minister added that if the rate is too low, we can borrow additionally either from the market or use the resources in the National Wealth Fund.
“We are following a policy so that our recipients, individuals, institutions and companies do not feel any price fluctuations or penalties. This policy will be followed in the near future,” he said.

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Earlier on Friday, Deputy Prime Minister of the Russian Federation Alexander Novak said that Russia, in response to the price ceiling, plans to ban the supply of oil and petroleum products to countries and legal entities that require compliance with this condition in contracts, and is ready in this regard to cut production, which may Be early next year 5-7%.
On December 5, Western oil sanctions came into effect: the European Union stopped accepting Russian oil for sea transportation, the G7 countries, Australia and the European Union set a price limit for sea transportation at $60 per barrel, which is more expensive to transport and insurance is prohibited. .
Commenting on the entry into force of the Russian oil price cap, Russian President Vladimir Putin said that his country will not sell oil to countries that will support the restrictions. He also indicated that he would soon issue a decree on retaliatory measures.

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