The State Duma approved the transition of Russia to a one -year budget

The State Duma at a meeting on September 18 approved a bill in the first reading, providing for the development of the federal budget for only one year-2016 instead of the three-year period (2016-2018). 240 deputies voted for, against 92. The broadcast of the meeting is on the Duma site.

The adopted amendments also imply a refusal to apply the budget rule next year. According to this rule, the maximum level of state expenditures is calculated based on the average oil price over the previous several years in dollars plus no more than 1% of GDP.

At the same time, the amendments establish that the deadline for introducing the federal budget in the State Duma, as well as related materials, is shifted to October 25. According to the current version of the Budget Code, these documents must be submitted until October 1.

The government commission on billing activities supported the amendments on September 7. A week before, Russian Prime Minister Dmitry Medvedev explained that a temporary departure from a three-year budget is associated with high economic risks due to fluctuations in oil prices and ruble exchange rates.

The one -year budget has already been adopted in Russia in 2008 amid an exacerbation of the global financial crisis, which caused significant fluctuations in world stock markets. The Russian Federation switched to a three -year budget cycle of the Russian Federation in 2006.