President Vladimir Putin on Sunday signed a law amending Russia's 2005 budget, increasing predicted income by just under 50 percent and raising spending as high oil prices keep money flowing in to state coffers. According to the ITAR-Tass news agency, the altered budget foresees income of nearly 5 trillion rubles (US$175 billion; ¤148 billion), up from about 3.3 trillion rubles (US$116 billion; ¤98 billion) in the original blueprint. The adjustments increase projected spending by about 500 billion rubles (US$17.5 billion; ¤14.8 billion), to 3.5 trillion rubles (US$123 billion; ¤104 billion), the agency reported. The increases are largely due to high world prices for oil and natural gas, both major Russian exports. The amended budget based on a predicted price for Russia oil of US$48 pre barrel, up from US$28, ITAR-Tass reported. Most of the additional spending will go to defense, law enforcement, education, agriculture and roads, it said.
