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President Vladimir Putin met with Finance Minister Alexei Kudrin

November 1, 2004

Issues were discussed of forming the Stabilisation fund.

Alexei Kudrin reported that in future the Government was planning to allocate fewer funds from the sale of oil to the Stabilisation fund that at present. It is proposed to increase the mark at which taxes are allocated to the Stabilisation fund from $1 to $1.50. Currently, this limit is $20 per barrel.

The Government intends to give revenue from the export of oil products and gas a separate article in the budget, funds from which will go towards solving individual short-term tasks. Thus, the volumes of the Stabilisation fund will not be influenced by serious market problems that may arise.

November 1, 2004