OREANDA-NEWS. December 20, 2007. The Russian government has approved the rules on the creation and use of oil and gas fiscal revenues, oil and gas transfers, the Reserve Fund and the National Welfare Fund. Russian PM Viktor Zubkov signed the decree on Monday, the cabinet's press service reported.

The Finance Ministry was assigned to ensure the transfer of funds from Russia's Stabilization Fund to the Reserve Fund and the National Welfare Fund by February 1, 2008.

The Finance Ministry will present to the government its financial statements on a quarter and on a year basis, and include into these statements special sections devoted to the receiving and use of oil and gas revenues as well as the revenues of Reserve Fund and the National Welfare Fund.