Russian Finance Minister Alexei Kudrin said Thursday the 2011 budget will be balanced only if Urals crude averages $118 a barrel.

The budget could be balanced in 2015--a goal of Prime Minister Vladimir Putin--if oil prices were to average $100 a barrel, Kudrin told reporters.

"If oil averages $100 in 2015, it will not be difficult to have a balanced budget. If it's at $90, it will be quite difficult," he said. "So if the question is will it be possible to have no budget deficit in 2015, the answer is yes, of course it's possible."

Meanwhile, in 2012 the budget will balance if oil averages $124.60 a barrel. The budget balances at $125.20 a barrel in 2013 and $125.70 a barrel in 2014, he said.

Kudrin said that 47% of Russia 's budget expenditures are covered by oil and gas revenues this year, and that number will fall to 38% in 2014.

To help balance the budget amid a cut in corporate payroll tax receipts, Russians with annual incomes over 512,000 rubles ($18,300) may face an additional tax of up to 10% next year under rules approved by the government, Kudrin said.

Kudrin also said he sees chances of upgrades to Russia 's debt from the international rating agencies.
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