Marcel Salikhov, President of the Institute for Energy and Finance, gave a comment to Gazeta.Ru regarding Russia's gold and foreign exchange reserves.
Marcel Salikhov, President of the Institute of Energy and Finance, confirmed that gold reserves are largely formed by taxes from oil and gas revenues.
"As it was before? The oil company receives $100 in foreign currency from each barrel of fuel. Further, it pays taxes in rubles (export duty and severance tax). Foreign exchange earnings must be sold within three days. Part of this money is used for current budget expenditures and part is used to replenish the NWF, which is part of the gold reserves. The operating costs of oil companies, including profits, are about $30 per barrel. The remaining $70 per barrel goes to various taxes. As part of the fiscal rule, out of this $70 per barrel, everything up to the base oil price ($42 this year) was spent on current budget spending. Everything in excess went to support the NWF. Now, most likely, all oil and gas revenues will go to current budget expenditures, the budget rule will not work,” Salikhov specified to Gazeta.Ru.
Subscribe for updates
and be the first to know about new publications