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The upper house of Russia"s parliament adopted...

The budget was presented by Finance Minister Alexei Kudrin, who is also a deputy prime minister.

The 2010 budget will run a deficit of 6.8% of GDP, or 2.9 trillion rubles ($100 billion). It should fall to 4% of GDP in 2011 and 3% in 2012.

Budget revenues are established at 6.95 trillion rubles ($238 billion), and expenditures at 9.88 trillion rubles ($338 billion).

The key budget parameters are based on the average annual price for Urals crude at $58 per barrel ($59 in 2011 and $60 in 2012).

Kudrin said the 2012 budget would be deficit-free if oil prices "significantly exceed $60 per barrel - and reach about $100."

He said in late October that Russia had come out of a "technical" recession and that inflation would not exceed 10% next year.

The European Bank for Reconstruction and Development (EBRD) has said Russia"s GDP could grow 3.1% year-on-year in 2010 as the economy picks up after the problems of 2009.

However, both the EBRD

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