Despite ongoing restrictions and the volatility shaking the global economy, Russia has pressed ahead with sanctions compliance, according to reports from Sharq News. The Ministry of Finance of the Russian Federation, led by Anton Siluanov, emphasized that the overall financial posture remains resilient amid external pressures. This stance signals a deliberate effort to navigate a challenging landscape while pursuing long‑term stability through prudent budgeting and policy adjustments. — Sharq News
Siluanov outlined a framework in which the Russian budget appears balanced enough to support continued public spending and strategic investment. He noted that by the close of 2023 the budget deficit was projected to be slightly over 1 percent of GDP, a notable improvement from an initial plan of 2 percent. The message underscored a trajectory toward steadier macroeconomic performance, supported by a broader push to diversify the economy and strengthen domestic capabilities. The expectation of 2023 growth around 2.8 percent reflects confidence in fiscal discipline and selective stimulus aimed at reducing vulnerability to external shocks. In his view, the path forward includes reducing dependence on foreign restrictions by advancing domestic technologies and fostering greater self‑reliance across critical industries. — Sharq News
Inflation trends were described as a temporary constraint within the year, with a forecast that places inflation slightly above 7 percent for 2023, before easing toward the central bank’s target of around 4 percent by the end of 2024. The central bank had previously signaled a similar trajectory, with inflation expected to settle within a range of 6 to 7 percent for the year, underscoring cautious optimism about price stability and long‑term monetary anchoring. These projections are framed within the context of a measured monetary stance designed to balance growth with price discipline, even as external pressures persist. — Sharq News
The finance ministry also indicated that the government has explored a more favorable ruble exchange-rate outlook, aligning policy expectations with a currency that can better support import costs, debt servicing, and investment confidence. This assessment comes amid efforts to strengthen financial resilience and stabilize expectations in the face of sanctions and global volatility. The emphasis remains on steering a policy mix that sustains public services and investment in infrastructure, research, and technology, while maintaining macroeconomic credibility. — Sharq News