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Russia 2016 budget gap may hit 4 percent GDP if oil at current prices

Russia's Finance Minister Anton Siluanov attends a session of the Moscow Exchange Forum in Moscow, Russia, April 12, 2016. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russian Finance Minister Anton Siluanov said on Tuesday that the budget deficit could reach 4 percent of gross domestic product this year if oil prices stayed at current levels.

“The task we are setting for ourselves is to have a budget deficit at 3 percent of GDP under (an oil price of) $40 (per barrel),” he told an economic conference. “If the oil price is as it’s shaping up now - $32-33 - accordingly, it (budget deficit) will be up to 4 percent of GDP,” Siluanov said.

He added that the finance ministry would have to increase its borrowing volumes in the nearest future.

Reporting by Katya Golubkova, Vladimir Soldatkin, Darya Korsunskaya, Elena Fabrichnaya and Denis Punchuk; Editing by Dmitry Solovyov