Russian lawmakers on Friday gave final approval to the 2007 budget, which assumes world oil prices will remain high in an election year and foresees a 25 percent spending increase.

The budget is based on an average oil price in 2007 of US$61 (euro47.09) for Russia’s Urals blend, which trades at a discount. Oil prices have tumbled some 23 percent after hitting an all-time trading high above US$78 a barrel in mid-July.

The 177-seat Federation Council, Russia’s upper house of parliament, voted 138-1 with two abstentions in favor of the bill. The document predicts revenues of 6.97 trillion rubles (US$263 billion; euro203 billion) and envisages a budget surplus of 1.502 trillion rubles (US$57 billion; euro44 billion), or 4.8 percent of gross domestic product.

Spending is earmarked at 5.46 trillion rubles (US$206 billion; euro159 billion), up 25 percent from 2006.

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