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MOSCOW, July 1 (RIA Novosti) - Russia"s...

The Reserve Fund was set up to cushion the federal budget against a fall in oil prices, and the National Prosperity Fund is intended to help the government carry out pension reforms.

Finance Minister Alexei Kudrin earlier said that the projected 7.4% federal budget deficit in 2009 would be covered by the Reserve Fund. He said the largest budget deficits were expected in the second, third, and possibly fourth quarters, as the government spends more on anti-crisis measures.

Russia posted a budget deficit of 50 billion rubles ($1.5 billion), or 0.1% of gross domestic product, in the first quarter of this year.




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MOSCOW, February 18 (RIA Novosti) - A Russian...

MOSCOW, February 18 (RIA Novosti) - A Russian consortium comprising En+ Group, Severstal and Renova submitted investment proposals to the Mongolian government last month to develop one of the world"s largest coal mines, a business paper said on Wednesday. According to Vedomosti, the consortium"s intention to develop the Tavan Tolgoi coal field in the Gobi Desert, with estimated reserves of 6.5 billion metric tons of coking coal, was confirmed by an executive of the Severstal steelmaker while a representative of the Renova asset management group declined to comment. A representative of En+ Group owned by Russian billionaire Oleg Deripaska told the paper that the Mongolian side viewed positively the consortium"s proposals. At the same time, the Mongolian government has yet to determine its project requirements and it is not yet clear whether it will issue a license for the entire mine or for separate sections, the paper said. In any case, competition is going to be tough as major global companies, such as Vale, Rio Tinto, BHP Billiton, Xstrata and China"s Shenhua Energy are also keen to take part in the tender, the paper reported.


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