Russia has accounted for oil at $40 a barrel in its budget, the country's finance minister Anton Siluanov told CNBC in a TV interview on Friday.

was trading above $57 on Friday, but the Russian minister said that the budget has taken into account price fluctuations.

"In order to minimize price fluctuations on foreign markets we have prepared a budget which is based on a price of forty dollars a barrel. I think that this is a fairly considered and conservative price, which has been factored in for the next three years," Siluanov told CNBC in a TV interview on Friday.

"Incidentally our balance of payments on our current account is balanced on a price of forty dollars a barrel. Therefore, the percentage of the federal budget from oil and gas revenues has gone down from 60 percent to 40 percent."