DAVOS, January 20 /TASS/. Russia’s budget deficit will amount to 6% of GDP in 2016, if the average price of oil is $30 per barrel, former Finance Minister Alexey Kudrin told TASS.

"With the price of oil at $30 per barrel the budget deficit will be 6% or more," Kudrin said on the sidelines of the World Economic Forum in Davos.

Russian authorities should give up hopes that oil prices will rise again and determine the long-term strategy of reforms in 2-3 months, Kudrin went on to say.

"Russia should understand one thing. We should give up hopes to high oil prices and do that unconditionally," the former minister said.

The level of $35-40 dollars a barrel can be taken as a target for budget calculations, Kudrin said. Windfall profit should be collected, if any, he added.