State and municipal finances. Stabilization Fund of the Russian Federation (the most important)

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State and municipal finances. Stabilization Fund of the Russian Federation (the most important)

Lecture notes, cheat sheets

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16. Stabilization Fund of the Russian Federation

Stabilization Fund of the Russian Federation- this is a part of the federal budget funds, formed due to the excess of the oil price over the base oil price, subject to separate accounting, management and use in order to ensure the balance of the federal budget when the oil price drops below the base one.

The stabilization fund is formed at the expense of income received from the excess of the price, and income received from the placement of the fund's resources.

In accordance with the RF BC, the additional income of the Stabilization Fund is determined by:

1) the product of the actual revenues to the federal budget of the export customs duty on crude oil in the current month by the ratio of the difference between the export customs duty rate for crude oil in the current month and the estimated rate of the said duty at the base oil price to the export customs duty rate in effect in the current month duties on crude oil;

2) the product of the actual revenues to the federal budget of the tax on the extraction of minerals (oil) in the current month by the ratio of the difference between the current rate of the tax on the extraction of minerals (oil) and the estimated rate of the said tax at the base price of oil to the current one in the current month at the rate of tax on the extraction of minerals (oil).

The balances of federal budget funds at the beginning of the financial year, as well as free balances of federal budget funds required by the Ministry of Finance of the Russian Federation, are credited to the Stabilization Fund.

Funds from the Stabilization Fund can be used to finance the federal budget deficit when the price of oil falls below the base price, as well as for other purposes if the accumulated volume of funds from the Stabilization Fund exceeds RUB 500 billion.

The Ministry of Finance of the Russian Federation publishes on a monthly basis information on the balance of the Stabilization Fund at the beginning of the reporting month, the amount of funds received by the Stabilization Fund and the use of the Stabilization Fund in the reporting month.

The funds of the Stabilization Fund are set aside in foreign currency: dollars, euros, British pounds sterling.

The funds are held in the accounts of the Central Bank of the Russian Federation, and the Central Bank pays interest for the use of funds. Replenishment of funds is carried out by acquiring debt obligations of foreign states.

These include debt securities of the governments of Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, the United Kingdom and the United States.

Author: Novikova M.V.

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