The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia’s finance minister Siluanov defends his post

Russia’s finance minister is, in the words of his predecessor, a rare example of a liberal in the government. But can he do enough, quickly enough, to shore up the government’s finances in its post-election spending hangover?

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 billion]. That fact lies behind his efforts, he says, to reintroduce limits to government spending according to a budget rule.

Under the new rule, as Siluanov explains, government spending plans would be limited to the historical average oil price of the past 10 years, plus a maximum deficit of 1% of GDP. It would mean a big change of mindset.

Russia has about $500 billion in reserves, while public debt is around 10% of GDP. But since the financial crisis of 2008 the oil price at which Russia’s government revenues and spending break even has risen from $45 to $115 a barrel.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree