For a finance minister who many thought would be a pushover after taking up his job last autumn, Anton Siluanov seems surprisingly determined to implement his own policy preferences. “We must develop financial-policy counter-measures against the risks of a fall in the oil price,” he says, in an interview in his office near the Kremlin.
As Siluanov is only too aware, roughly half of Russia’s budget revenues come from oil exports. According to him, as little as a $1 drop in the price of a barrel of oil means that the annual budget loses between R55 billion and R60 billion [$1.9
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