Siluanov stated the need for a margin of safety for the budget in case of falling oil prices

The Russian budget should have a margin of safety in the event of lower oil prices. This was announced on April 29 by the Minister of Finance of the Russian Federation Anton Siluanov.

"Today, let's say we hear that one of the countries, the UAE, is quitting OPEC. This means that as much as a country has production capacity, it can extract oil and release it to the market. Today it is clear that the market is limited by the passage through the Strait of Hormuz, but what will happen tomorrow? <...> Our budget should have an appropriate margin of safety for at least three years," he said.

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