President Dmitry Medvedev has signed the law on the federal budget for 2012 and the planning period of 2013 and 2014, the Kremlin press office reported.

The law was adopted by the State Duma on November 22 and approved by the Federation Council on November 25, 2011.

The budget envisages total revenue of RUR11.780tn ($381.85bn, or (Euro)283.8bn at the current exchange rate) in 2012, RUR12.796tn in 2013 and RUR14.092tn in 2014. The share of oil and gas sales in total revenue is to be gradually reduced.

Federal expenditures are planned at RUR12.656tn ($410.24bn, or (Euro)304.9bn at current exchange rate) in 2012, RUR13.731tn in 2013, and RUR14.583tn in 2014.