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Dmitry Medvedev signed Federal Law On Amendments to the Budget Code of the Russian Federation and Certain Legislative Acts of the Russian Federation.
The Russian Federation’s budget legislation stipulates separate planning for oil-and-gas and non-oil-and-gas revenues of the federal budget.
For the purposes of drafting the 2011 federal budget and making plans for 2012 and 2013, the provisions of the Budget Code of the Russian Federation endorsing separate planning for oil-and-gas and non-oil-and-gas revenues, the use of Reserve Fund and the National Welfare Fund to finance the federal budget deficit and the oil-and-gas transfer had been suspended through January 1, 2014.
The Federal Law extends the suspension of the said norms of the budget legislation of the Russian Federation for another year, and amends various provisions of legislative acts with regard to regulating the budget process.
October 7, 2011