Oil fall not a worry; budget balanced-Russia dep finmin

* Says oil prices still above budget levels

* Oil fall hits Russian rouble exchange rate, stock market

LONDON May 19 (Reuters) - Russia is not concerned about the current selloff in oil markets as crude prices remain above the level at which its budget is calculated, Deputy Finance Minister Sergei Storchak said on Saturday.

Brent crude futures fell last week to 2012 lows below $107 a barrel as the euro zone crisis hit world growth expectations. But Storchak said there were still big oil supply risks while energy demand in China and India remained robust.

"Oil prices are still high, we are comfortable...I don't think we need to be afraid."

"Our budget is based on a $100 per barrel price for Urals, though it's true, there is talk of $110 (for the budget) for next year," he said, referring to the Russian benchmark crude blend which trades at a slight discount to Brent. "Currently prices are still above that."

"We have a balanced budget," he told reporters on the sidelines of the meeting of the European Bank for Reconstruction and Development.

The oil price fall has taken a heavy toll on the rouble as well as the Russian stock markets, with the former now trading at 4-1/2 month lows against the dollar. Around half of federal revenues are generated by oil and gas levies.

Storchak said the market selloffs indicated a "lack of faith in policymakers from various countries."

"There is no serious underlying macroeconomic reason for such turbulence. The financial sector has clearly broken off from the rest of the economy. I think this is a problem that needs to be dealt with."

But he said ongoing capital outflows were linked to transfers from corporate debt repayments and added: "For the time being there are not so many attractive investment projects within the country."

Storchak said Russia hoped to go ahead and introduce the trading rules of international settlement bank Euroclear from July 1 as planned despite some calls for the step to be delayed.

Asked if implementation of Euroclear would go ahead from July 1, Storchak said: "We are working on this. Not everything is ready, the security commission is working on this. I hope we will succeed. We are quite strong on this, I mean, me and my colleagues."

Access to Euroclear will make Russian local paper directly accessible to foreign investors and could bring up to $10 billion into the domestic debt market by 2014. But many local financial market participants have expressed concern, saying its implementation could spur capital outflows. (Reporting By Sujata Rao; editing by James Jukwey)