The Ministry of Natural Resources almost doubled the estimate of oil reserves in Russia
https://tass.ru/ekonomika/6902360
MOSCOW, September 19. / TASS /. According to the results of 2018, the Ministry of Natural Resources of the Russian Federation increased the estimate of the cost of oil reserves in the country almost twofold - from 39.58 trillion to 74.51 trillion rubles. This follows from the materials of the ministry.
At the same time, the estimate of gas reserves changed by about a quarter - from 11.31 trillion to 14.11 trillion rubles.
The Ministry of Natural Resources estimates the cost of gold reserves at 0.61 trillion rubles, iron ore at 1.24 trillion, and coking coal at 1.85 trillion rubles. In general, the total market value of minerals in Russia at the end of 2018 amounted to 93.4 trillion rubles, the ministry believes. At the end of 2017, this estimate was 55.2 trillion.
Since 2019, natural resources should be reflected in the balance sheet of assets and liabilities and in the accounts of the accumulation of federal statistics; in this regard, in September 2018, the Ministry of Natural Resources developed an appropriate methodology for assessing the value of mineral reserves.
"The value of these assets is the value of the discounted net cash flow that can be obtained as a result of extraction and sale of existing mineral reserves," the ministry said.
Medvedev said that the federal budget for the next three years will be in surplus
About 7 trillion rubles will be allocated for the implementation of national projects in 2020-2022, the Prime Minister said.
MOSCOW, September 19. / TASS /. Russian Prime Minister Dmitry Medvedev said that the budget for the next three years will be in surplus.
"Like this year, the budget for the coming years, that is, for the next three years, will not be just balanced. We assume that it will be surplus for all three years," the head of the cabinet said, opening the government meeting.
The prime minister emphasized that when working out the parameters of the federal budget, instability in world markets was taken into account and the mechanism of the budget rule was preserved, which allows reducing the influence of external factors, providing a margin of safety. “It’s clear that any events can happen. Now the oil market is in a fever due to what happened in Saudi Arabia, therefore, despite the rather high energy prices, we fixed the cut-off price at $ 42.4 per barrel of the Urals brand in 2020 "the prime minister said, adding that additional income will be accumulated in the National Welfare Fund.
Speaking about the draft federal budget, Medvedev recalled that the most controversial issues were discussed at previous sectoral meetings. "Until October 1, the budget package should be sent to the State Duma," he said.
Moreover, according to the Prime Minister, the Ministry of Economic Development has developed three scenarios for forecasting socio-economic development. "It is clear that when drawing up the budget we, as usual, rely on conservative things, but on the whole we proceed from the fact that we must strive to fulfill the target scenario," the prime minister said.
Medvedev also said that the government in preparing the budget for the three-year period takes into account instability in world markets. Implementation of national projects
According to him, about 7 trillion rubles will be allocated for the implementation of national projects in 2020-2022. "In total, within three years, it is planned to allocate about 7 trillion rubles from the federal budget for the implementation of national projects and the Comprehensive Plan for the modernization and expansion of the main infrastructure," Medvedev said.
He specified that a significant part of the funds will be used to develop the social sphere. Transfers to regions
Transfers to the regions from the federal budget in 2020-2022 will amount to 7.5 trillion rubles, Medvedev said. “We understand that the regional budgets are currently under heavy load, therefore we are increasing support from the federal budget. The total amount of transfers to the regions over the next three years will amount to almost 7.5 trillion rubles,” the Prime Minister said.
In the Penza region opened a workshop for bottling maple syrup
Automated plant for bottling maple syrup from local raw materials, open company "the Penza kinovari" in Bekovsky area.
Since the beginning of 2019, the company produced about 20 tons of maple syrup for $ 32 million. Collecting SAP was implemented more than 20 thousand trees.
The capacity of leased forest land is estimated at 100 tons of syrup per year. Products are mainly sold in chain stores, coffee shops and restaurants.
Collecting maple SAP is a company in the forest of Serdobskijj forest area more than 100 ha. this natural product is not included nothing but maple SAP, therefore, in addition to high palatability and organoleptic characteristics of the product is beneficial to health.The trees are not harmed, they give juice and persist for many decades. In Canada, for example, up to 150 years.
The site includes about 120 km of pipelines for the collection of maple SAP and its primary processing. To obtain one liter of syrup requires 65 litres of maple SAP.
The evaporation or boiling of the syrup, and bottling the finished product produced in klenovka in the village of Marmots Bekovsky district.
Wow, very good results for a single company. Hopefully they expand greater and into export market like China, Japan and S.Korea were Maple Syrup is also considered a delicacy.
Austin wrote:If they are that pessimistic why is Putin keep them in those role , Why arnt they fired yet.
I see they say every thing opp to what Putin and FM says
Mike In India they wouldnt be in their roles this long if they spoke against Government/FM estimation
Goes to show that Putin isn't doing his job properly by not removing them. Wish he had more authority like Modi if that is the case.
The only thing I am unsure about is if Putin has the ability to fire Gref?
Getting tired of the Putin bashing. Of course he is not above reproach, but he took the Russian economy from $198 billion to $1.7 trillion. Certainly I'd agree that he tries too often to appease the Europeans, thinking somehow that he can break them out of the US orbit when EU hatred for Russia doesn't have a damn thing to do with the US of A. But I give respect where is due, and I think others should as well.
zorobabel wrote: Getting tired of the Putin bashing. Of course he is not above reproach, but he took the Russian economy from $198 billion to $1.7 trillion. .
Yeah.. i will be rich ,every time anyone bring those arguments.. Putin saved Russia economy..in his first 8 years.. bla bla bla.. So what? Where are not in 2008.. we are in 2019.. He only did that .. to rescue Russia from collapsing..and disbanding.. so a big thanks to him for his rescue of the nation.. but after that whats next? remain idle later and And leave it there.. to collapse again? Is like saving a family member that is homeless in the streets and you see him drowning in the beach... you rescue him and take him to the hospital.. then leave it there.. instead of helping him to finally get out of the streets and become a useful person in life..that can stand on its own.. see the difference?
Putin have not made Russia an Independent country.. he talks a lot of sovereignty , but in practice he does very little to achieve it.. Russia have only relative political independence and Military too.. But Russian business are highly dependent of American Business.. If american tomorrow cut Russia from the internet,, it will be isolated from the world.. what is Putin going to do ? complain and cry? Putin have turned Russia into a very dependant nation of Europe consuming its energy and dependent on American High tech business too and culture.. While Putin promotes the Russian traditions , the Russian business and television is full of American influence.. Putin have done very little if any , to solve for once ,its incompatibility problems with the west.. the west want to see Russia destroyed and never give up in trying and putin response is just complain how unfair is the west.. he clearly have no strategy at all ,to move forward beyond what is Russia today.. a Follower of the American system.. Putin patriotism and rescue of Russia in the 90s and 2000s will be a total waste of time ,if just stay happy the way Russia is now.. Balancing the economy is not how he will solve its problems.. with the west.. Leading the world development.. and creating an alternative system to US popular business with new generations is how he can take Russia from a surviving economy ,to a real leading power with a modern culture.. Putin live in the past.. for him past glories that achieved the Russian empire and soviet union are more important than the present.. So as long he is in power ,Russia will continue being limited its progress by the western system.. who is designed to break russia in many parts.. He spend a fortune in moscow in pretty parks..and a fortune in Olympics and still his party lost important elections in Moscow..
Show how disconnected the guy is from the world he live. He is losing popularity and he knows it.. He is doing nothing to solve its problems with the west , and just remain passive . Russia needs a leader with ambitions , to create a new version of Russia that is completely independent and don't need American business at all for anything.. a new Russia with a modern culture and modern economy ,that will influence the most developed nations ,specially those allied to NATO ,towards Russia orbit.. that way Russia disband NATO and those US military bases in europe demanded to leave..
The huge irony is that the rich dirty nations that are robbing the world... you know the G7, took Russia in to the fold in the late 1990s as a reward for giving up communism and being a good sport and for Yeltsin doing as he was told, when he was told by the US basically.
The G7 was a rich boys club, and Russia really had no reason to be there... but the enormous irony is that by the time Russia was kicked out of the G8 by then as it was called, they probably had more right to be there than some of the other members, but then of course the G7 is failing... so even while some members of the G7 are saying Russia should return, Putin has said the G7 makes little sense without China and India and that really only a group like a G20 would be worth bothering about... and I agree... if Russia joined the G7... what would be the point sitting in endless meetings hearing Russia is the problem and Russia needs to start behaving like a member of the international community, and Russia needs to stop invading countries.
Like him or loathe him, Putin has steered Russia down a very precise course that has allowed Russia to grow and become strong and much more independent... more sanctions from the west don't really matter any more, Russia is pretty much self sufficient, and is exploring and expanding alternative avenues for growth and prosperity.
Lets be clear... with no western sanctions and with western investment Russia could grow enormously and massively, but at a cost... the west doesn't invest in things purely to make them succeed... they want serious returns on their investments so much of the money would go directly into western pockets that are already pretty full, and those full pockets will make every effort to minimise the benefit to the average Russian... because that is just wasted money and effort... they don't help their own poor... why help the poor of Russia?
Western sanctions are a godsend for Russia because they are making Russia find its own way... if Putin has a fault, it was his belief in the west as the future of Russia... I suspect he has had that kicked out of him so often that it wont be a problem going forward.
If you were voting now and the candidates were any politician in the world today... which ones stand out to be in the top 4?
Who cares about Canada, Canada is in the same boat as these other bankrupt west countries. Canada probably has the same amount of people on welfare or other government "assistance" programs as there are workers that pay taxes.
GarryB wrote:The huge irony is that the rich dirty nations that are robbing the world... you know the G7, took Russia in to the fold in the late 1990s as a reward for giving up communism and being a good sport and for Yeltsin doing as he was told, when he was told by the US basically.
The G7 was a rich boys club, and Russia really had no reason to be there... but the enormous irony is that by the time Russia was kicked out of the G8 by then as it was called, they probably had more right to be there than some of the other members, but then of course the G7 is failing... so even while some members of the G7 are saying Russia should return, Putin has said the G7 makes little sense without China and India and that really only a group like a G20 would be worth bothering about... and I agree... if Russia joined the G7... what would be the point sitting in endless meetings hearing Russia is the problem and Russia needs to start behaving like a member of the international community, and Russia needs to stop invading countries.
Like him or loathe him, Putin has steered Russia down a very precise course that has allowed Russia to grow and become strong and much more independent... more sanctions from the west don't really matter any more, Russia is pretty much self sufficient, and is exploring and expanding alternative avenues for growth and prosperity.
Lets be clear... with no western sanctions and with western investment Russia could grow enormously and massively, but at a cost... the west doesn't invest in things purely to make them succeed... they want serious returns on their investments so much of the money would go directly into western pockets that are already pretty full, and those full pockets will make every effort to minimise the benefit to the average Russian... because that is just wasted money and effort... they don't help their own poor... why help the poor of Russia?
Western sanctions are a godsend for Russia because they are making Russia find its own way... if Putin has a fault, it was his belief in the west as the future of Russia... I suspect he has had that kicked out of him so often that it wont be a problem going forward.
If you were voting now and the candidates were any politician in the world today... which ones stand out to be in the top 4?
Take a look at this discussion.. in Vesti News.. A major world economic expert and in international politics.. was interview by a popular host from Vesti news.. at the start the topic is around Russia Nuclear policy .... but in the final end the discussion goes to Russia domestic policy..
The guys basically says the same thing i have been saying , but Putin's Fanboys in the forums , refuse to admit this.. he says that Russia foreign and domestic policy does not have a long term vision and no long term goals. In other words that Putin's foreign and domestic policy will not work Long Term and that the Government with Russian society needs to decide Who Russia wants to be.. (after saying that ) He even went to speak that they will continue to have good relations with China...
So he clearly was speaking about Russia the need to reinvent itself and need to change.And Putin is the main architect of Russia foreign and domestic policy.. So in other words when he says, Russia needs to change its foreign policy is basically saying that Putin need to change its foreign and domestic policy and he even hinted that his idiotic "Pivot to China " of integration to China ,is not going to work , that they should continue having good relations with CHina but an integration with China will not work.. as a Long Term Policy..
and why is that ? Why Russia can't just ignore the west (and @GarryB was saying) and integrate pivot to China and continue living a happy life? will that solve Russia security and existential problems ? Absolutely NOT... because integrating China might help Russia security from a direct war ,help Russia to avert a direct invasion.. in combination with its nukes.. but integration with China will not disband NATO.. and it will neither help Russia society to be influenced by the west with their money and modern culture.. from being disbanded from the inside , will not help Putin to avoid a major new revolution ,hong kong style financed by the west.. So the bolshevik revolution was a foreign british job.. The soviet Union collapse in the 90s.. was a foreign job... they broke Russia in many parts without firing a bullet,just with a combination of arms race ,with war on oil prices at the time check..,plus a major campaign of influencing Russia society ,towards the American orbit and its very fast growing modern economy and culture.. IN US american modern business create American culture.. in Putin's Russia he rest in Russia old traditions ," the good old " Russia past ,is what Putin Promotes ,as Russian culture.. The orthodox obsolete church , the traditional singing of the grandmas.. and a culture based on sports.. So is not surprising why Americans can influence so much Russian adult and teen generation so easily.. and why the opposition in Russia are always the adults generation.. and never the older people..
and in the next video.. the Economic political expert.. clearly told it.. Putin's Russia foreign policy is obsolete.. is not a long term one ,that can be sustained.. Is not because China is good or bad.. but because the west , when it unites.. it can be very powerful and they can break Russia from the inside ,as already they have done at least 2x times !!! in the past.. in the bolshevick revolution ... check.. and in the soviet union collapse.. check.. So this is why Putin's Foreign and domestic policy is totally obsolete. it will not stop the western influence on Russia ,the western influential culture.. So the only options to save the Russian project is Putin either becomes a dictator and shut down anything that western culture promotes.. their movies.. their games and their music and rule by force and fear ..
Or else Putin Re-create Russia in an entirely different way.. a new version of Europe.. with a complete modern culture ,inspired by a complete modern Economy , mostly focused on High Tech bussiness and Space industry.. instead of what Putin is doing now.. an Economy *that the biggest part of it** is similar economic model of venezuela,, of turning their country in a giant Gas station,mines and weapons.exports base economy and museums and sports for tourism..
When question the expert.. if he can give ideas ..of how a new version of Russia will look like.. he refused to talk.. and say.. because it will mean exposing Putin's obsolete ideas of Russia development. but i know how Russia should be..
Russia should look at the good things Japan have done , is like the new China but with democracy ,extremely modern economy that LEADS in world technology civilian development and that export that competes with American technology in the world.. The japanese culture is very modern.. and it influence Americans... contrary to Russia that its culture only ends on its borders.. and New Russia is one that Doesn't Follow the west.. but LEADS instead.. and one that Russian modern digital era business influence American and European society.. and not the other way.. This is how Russia could develop a LONG TERM foreign policy ,that is based on Leadership.. where Europe will want to integrate to Russia.. because the more integrated Russia is with Europe.. the more impossible will be for US elite to break Russia or even less to start a war . if for example the borders between Russia and Europe are open.. and the Putin's idiotic concept of patriotism ends.... and is replaced for unification of all humanity as equals.. at least withing the European continent first.. with laws that follows the simple concept of the golden Rule..that everyone is equal in rights , and of respect of their legit interest. It means people should be allowed to live in any way .shape or form, they want as long ,they don't abuse of others free will or use violence ...and do it without denying others their rights..
In Summary... what the video really talk.. after the discussion of nukes.. is that.. Russia needs a new identity a new foreign and domestic policy ,( because Putin's one don't work).. . and he refused to give examples of what new identity Russia should have.. for obvious fears ,people will just not be prepared to hear negative things about how Putin's policies are outdated and paralize Russia.
Weather you like liberal Europe or not.. weather it sucks their laws or not..regardless how low you think is the society in Europe or not.. The only possible Future for Russia existence and avoid a major world war ,is one with the integration of Europe and Russia as one.
And Americans knows that.. and this is why they do everything they can ,invest a fortune in Europe.. to promote Russophobia an anti Russian culture.. in europe.. in Ukraine alone they invested $5billion dollars.. They do this.. because Washington DC knows.. the day Europe and Russia integrate. will be the end of NATO.. and the end of their leadership and the end of US Control of world central banks..and the end of US wars too.. Since US all wars are all ,proxy wars against Russia and China interest.. as serbia,Syria,Ukraine ,Iran ,venezuela were.. the goals of US foreign policy is all about weakening Russia and China position in the world as much as possible until they break..
So an unification with Europe is the only way out of Russia of the cold war AND only way out to avoid a nuclear war.. because deterrence of nuclear weapons alone will not be enough. it was @Garryb who claimed "no one" will dare to attack a Russian base,or kill Russian soldiers because Russian have nuclear weapons. Forgive his massive ignorance.. he was totally wrong and only time proved me correct.. The question only left..will be if Russia will unite Europe from a weakness point of view or from a leadership one..
The only other alternative is that Russia influence Americans citizens and politicians so much that they realize they have a lot to gain by being friends and allied.. leaving Europe for second place.. and the only thing that im aware that can influence American citizens is Modern Technology that make their lives more fun and Space exploration.. and this is why is completely criminal ,just pure idiocy that Putin's cut in half the budget of Russia space program.. as he did.. Because he reduced the budget in the only industry Russia have that can influence a little bit Americans politicians and their society too... Russia Landing in Mars first with humans and creating a mining base in the moon ,are events that could trigger a massive change of opinion in the west towards Washington DC relations with Russia and could put an end to the west goals to disband Russia ,if they realize there is too much to lose , by keeping the cold war.. and that Russia could join Europe and replace their leadership in the world..
This is why is totally useless to speak about "Economic progress" in Russia ,while the undeclared war of United States on Russia continues.. since any tiny little percent that Putin manage to increase in Russia GDP can be reversed overnight in a big war.. that Americans start indirectly against Russia , (As they did in Ukraine and Syria) or a direct one.. a Real foreign long term policy for Russia ,can only be one that have as GOALS either an Alliance with Americans or Europe ,using Russia innovative modern business as a bait.. something they can't do.. or else forcing to peace Americans by the use of force in a war. I prefer that Russia competes with US top Business.. is not sochi or world cup or breaking world records in wheat production what will help RUssia end their cold war with the west. Only leadership in world development,in space exploration and Digital /IT business that competes and defeat Silicon Valley leadership in california can do that.
The only possible Future for Russia existence and avoid a major world war ,is one with the integration of Europe and Russia as one.
Why?
Do you think Chinas future is with Japan?
If you don't understand what I mean... think about it... just because Russians are white and get called european... Chinese people are Asian and Japanese people are Asian... is their future together... at all?
Russia has little in common with Europe except geography and has a better future with the Arctic than with Europe...
Russia is stuck with the west and Europe like a battered wife is stuck with an abusive husband... Russia and the wife would be better off on their own... it is scary and that fear is what the abusers rely on to get them to keep coming back and they promise they still love them and it will never happen again.
Russia doesn't need the west any more than the west needs Russia... they are not really similar enough to put together.
This is why is totally useless to speak about "Economic progress" in Russia ,while the undeclared war of United States on Russia continues..
Why? Economic sanctions from the west have pretty much cut most beneficial ties between Russia and the west, and reciprocal sanctions from Russia have cut many of the beneficial ties from Russia to the west... that does not stop economic progress... there is a whole world of countries out there that are not the west who would love to trade with Russia and really are sick of dealing with the west and having the west do to them what it is currently doing to Russia to block its growth and development.
This is an enormous opportunity for Russia and China and India and the BRICSA countries to show the world there is a serious alternative to the colonial west that wont stunt your growth and development so they can steal your resources and keep you weak.
This is not off topic since all sorts of "Russia weak" BS is posted here all the time. The purpose of this post is to introduce some vital context:
Look at the graph showing dollar holdings by central banks around the world. The unloading of dollars as reserve currency holdings is huge and happening faster than at any time that they were accumulating. The phenomenon is global and not just Russia and some irrelevant countries.
One of the main propaganda mantras of the west is that we have all the money so by isolating yourself from us, or us isolating you from us as a punishment will lead to you becoming like Cuba and North Korea.
But if that was true then you have to ask yourself why the opposite is not true... plenty of countries have given in to the west and while some have become wealthy like Saudi Arabia, they are connected to the west in such a way that on their own they would be very vulnerable.
It is amusing that the west is rejecting Russia because of apparent differences in morals and ethics, yet the US has good ties with Saudi Arabia and Israel and other ruthless brutal dictatorships... with no attempts at cultural reform.
The current Saudi Monarch had a man dismembered alive in a Saudi Embassy in Turkey for goodness sake...
The real facts are... the west has no morals or ethics... the ones it talks about, it has broken more often than most other countries it calls evil.
Saddam gassed his own people... well they were Kurds and they wanted their own state... the US injected patients with plutonium to find out the effects on the human body... they released flu virus in major US cities to monitor how the disease spreads in a modern city... all the patients injected with plutonium died, and many people died from the flu epidemics they started.
If you view Russia as a growing developing economy, then it makes sense for Russia to trade with other developing economies... Russia can learn from developing countries as much as they can learn from developed countries that have failed their populations.
There are lots of options the west could have taken, and should have taken, but they chose the path of lies and revenge instead of truth and justice.
The west and the US would be respected and listened to if they were honest and were not mere puppets controlled by big money.
Instead of jailing whistle blowers, you should be listening to them and dealing with the corruption they reveal because that is what is going to destroy you... there will always be whistle blowers.
I see JP Morgan are in the shit for manipulation of the market.
They have a lot of business related to Silver, so they used to generate fake interest in Silver to drive up the price and then cancel the orders... they have done it for the last decade but while what they were doing was highly illegal, it was ignored because it helped a US company make more money...
miketheterrible wrote:How much was the national projects total budget again?
The cost of national projects in Russia from 2019 to 2024 will amount to 25.7 trillion rubles
The funds necessary for the implementation of projects will come from four sources. The federal budget will allocate 13.2 trillion rubles over six years, regional budgets - 4.9 trillion rubles. The contribution of extra-budgetary sources will amount to 7.5 trillion rubles, another 147.8 billion will be provided by state extra-budgetary funds
More details : https://www.tellerreport.com/business/--may-calculation--russia-s-spending-on-national-projects-will-amount-to-more-than-25-trillion-rubles-.ryRb7M1H4.html
Austin wrote:The Ministry of Natural Resources almost doubled the estimate of oil reserves in Russia
https://tass.ru/ekonomika/6902360
MOSCOW, September 19. / TASS /. According to the results of 2018, the Ministry of Natural Resources of the Russian Federation increased the estimate of the cost of oil reserves in the country almost twofold - from 39.58 trillion to 74.51 trillion rubles. This follows from the materials of the ministry.
At the same time, the estimate of gas reserves changed by about a quarter - from 11.31 trillion to 14.11 trillion rubles.
The Ministry of Natural Resources estimates the cost of gold reserves at 0.61 trillion rubles, iron ore at 1.24 trillion, and coking coal at 1.85 trillion rubles. In general, the total market value of minerals in Russia at the end of 2018 amounted to 93.4 trillion rubles, the ministry believes. At the end of 2017, this estimate was 55.2 trillion.
Since 2019, natural resources should be reflected in the balance sheet of assets and liabilities and in the accounts of the accumulation of federal statistics; in this regard, in September 2018, the Ministry of Natural Resources developed an appropriate methodology for assessing the value of mineral reserves.
"The value of these assets is the value of the discounted net cash flow that can be obtained as a result of extraction and sale of existing mineral reserves," the ministry said.
Looks like Russia is deliberately undervaluing its national resources
Look at World Bank Report on Russia Resources Value
miketheterrible wrote:How much was the national projects total budget again?
The cost of national projects in Russia from 2019 to 2024 will amount to 25.7 trillion rubles
The funds necessary for the implementation of projects will come from four sources. The federal budget will allocate 13.2 trillion rubles over six years, regional budgets - 4.9 trillion rubles. The contribution of extra-budgetary sources will amount to 7.5 trillion rubles, another 147.8 billion will be provided by state extra-budgetary funds
More details : https://www.tellerreport.com/business/--may-calculation--russia-s-spending-on-national-projects-will-amount-to-more-than-25-trillion-rubles-.ryRb7M1H4.html
OK so 7T for two years and another 7T for last 2 years not including regional?
Austin wrote:The Ministry of Natural Resources almost doubled the estimate of oil reserves in Russia
https://tass.ru/ekonomika/6902360
MOSCOW, September 19. / TASS /. According to the results of 2018, the Ministry of Natural Resources of the Russian Federation increased the estimate of the cost of oil reserves in the country almost twofold - from 39.58 trillion to 74.51 trillion rubles. This follows from the materials of the ministry.
At the same time, the estimate of gas reserves changed by about a quarter - from 11.31 trillion to 14.11 trillion rubles.
The Ministry of Natural Resources estimates the cost of gold reserves at 0.61 trillion rubles, iron ore at 1.24 trillion, and coking coal at 1.85 trillion rubles. In general, the total market value of minerals in Russia at the end of 2018 amounted to 93.4 trillion rubles, the ministry believes. At the end of 2017, this estimate was 55.2 trillion.
Since 2019, natural resources should be reflected in the balance sheet of assets and liabilities and in the accounts of the accumulation of federal statistics; in this regard, in September 2018, the Ministry of Natural Resources developed an appropriate methodology for assessing the value of mineral reserves.
"The value of these assets is the value of the discounted net cash flow that can be obtained as a result of extraction and sale of existing mineral reserves," the ministry said.
Looks like Russia is deliberately undervaluing its national resources
Look at World Bank Report on Russia Resources Value
I think the World Bank report refers to everything there is under the ground, while Russian report refers to only those reserves which are proved and technically recoverable at the moment.
If not, then why would Russia deliberately undervalue its natural resources? What would they gain from this anyway?
Austin wrote:The Ministry of Natural Resources almost doubled the estimate of oil reserves in Russia
https://tass.ru/ekonomika/6902360
MOSCOW, September 19. / TASS /. According to the results of 2018, the Ministry of Natural Resources of the Russian Federation increased the estimate of the cost of oil reserves in the country almost twofold - from 39.58 trillion to 74.51 trillion rubles. This follows from the materials of the ministry.
At the same time, the estimate of gas reserves changed by about a quarter - from 11.31 trillion to 14.11 trillion rubles.
The Ministry of Natural Resources estimates the cost of gold reserves at 0.61 trillion rubles, iron ore at 1.24 trillion, and coking coal at 1.85 trillion rubles. In general, the total market value of minerals in Russia at the end of 2018 amounted to 93.4 trillion rubles, the ministry believes. At the end of 2017, this estimate was 55.2 trillion.
Since 2019, natural resources should be reflected in the balance sheet of assets and liabilities and in the accounts of the accumulation of federal statistics; in this regard, in September 2018, the Ministry of Natural Resources developed an appropriate methodology for assessing the value of mineral reserves.
"The value of these assets is the value of the discounted net cash flow that can be obtained as a result of extraction and sale of existing mineral reserves," the ministry said.
Looks like Russia is deliberately undervaluing its national resources
Look at World Bank Report on Russia Resources Value
1) The "federal budget" you are citing is an irrelevant, contrived category that does not include the whole budget. Using the proper total budget, the oil and gas taxes amount to 17%. In addition the 50% figure is from the 2000s and is closer to 36% in the narrow definition of the "federal budget".
2) The world bank itself claims that mineral rents (including oil and gas) were 10.7% of Russia's GDP in 2017. https://data.worldbank.org/indicator/NY.GDP.TOTL.RT.ZS
Here is a real analysis and not some cheesy repetition of numbers used over the last 20 years:
So Kudrin just recently spoke out about the 'bloated military budget' and Shoigu succinctly laid a verbal smack down on his monetarist bullshit diatribe (or diarrheatribe in Kudrin's case).
If Russia would generate a few hundred billion bucks in new debt each year he maybe had a point, but... Russia could pay back all debt of the whole country in this minute. And in cash!
He should travel to Washington and tell them something about bloated budgets. Dumb a-hole.
magnumcromagnon wrote:So Kudrin just recently spoke out about the 'bloated military budget' and Shoigu succinctly laid a verbal smack down on his monetarist bullshit diatribe (or diarrheatribe in Kudrin's case).
Someone should tell this clown that Saudi Arabia spends 9% of its GDP on the military and has the latest and greatest US anti-missile systems to show for it...
BTW, Kudrin is the same species of clown that wants Russia to dump its savings offshore and instead borrow money from speculators to "develop" itself. Mind numbing inanity does not begin to sum this sort of drivel. Kudrin and his ilk are full bore enemy agents.
If Russia would generate a few hundred billion bucks in new debt each year he maybe had a point, but... Russia could pay back all debt of the whole country in this minute. And in cash!
He should travel to Washington and tell them something about bloated budgets. Dumb a-hole.
Thats what I mentioned - I asked him what is he talking about? Russia runs a budget surplus as is. So why not spend that money?
Kudrin did nothing. Other russians pointed out to me what I already know - all he did was move money to the US and didn't invest in shit. So he talks a lot but didn't even follow what he suggested.
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Forgive his massive ignorance.. he was totally wrong and only time proved me correct..
