The Federal Law forms the legal foundations for the Russian Federation, its regions and local government bodies to set long-term budget strategy and make long-term budget forecasts.
The Federal Law provides for use of money from the Reserve Fund to make up for this year’s oil and gas revenue shortfalls in the federal budget, and to use oil and gas revenues from the federal budget as a replacement for Russian Federation public borrowing.
The Federal Law also clarifies that the list of information required for drawing up draft budgets shall include provisions of the Presidential Address to the Federal Assembly relating, in particular, to the main priorities for budget policy.