(VOVworld) – The Russian government has submitted to the State Duma a draft federal budget for 2015 and for the period 2016-2017.

Russia's State Duma (Photo: Itar-Tass)

The draft budget takes into account the accession of the Crimea, consequences of anti-Russian sanctions, and the fall of oil prices. The federal budget for 2015 anticipates revenues of 15 trillion rubles. The military budget is projected to be nearly 3 trillion rubles. 2016 revenues are expected to be 5.7 trillion rubles. The reserve fund is projected to increase from 3.4 trillion rubles at the end of 2014 to 3.7 trillion rubles in 2017. Russian Prime Minister Dmitry Medvedev said this is the first time a draft three-year budget has been worked out in the context of slow economic growth due to the West’s sanctions. Medvedev said the draft budget aims to balance basic parameters, maintain macro-economic stability, and meet social responsibilities.