In remarks broadcast on television, Anton Siluanov, the Minister of Finance of the Russian Federation, reported that preliminary control data from the Federal Treasury indicate potential irregularities within the financial and budgetary system. He noted that these early indicators helped the government stabilize the budget, estimating savings of about 100 billion rubles. The minister stressed that the treasury plays a critical role in preventing violations and ensuring the integrity of financial management, highlighting the preventive functions that protect public funds and maintain disciplined spending across departments.
Siluanov praised the Federal Treasury for its effectiveness, pointing to the substantial savings as a sign of disciplined administration and prudent oversight. He described the 100 billion rubles as a meaningful contribution to the country’s fiscal health, underscoring that such results come from continuous monitoring, transparent procedures, and timely intervention in the budgeting process. The minister’s comments reflected a broader emphasis on compliance, accountability, and the safeguarding of public resources in a challenging global context.
During the interview, Siluanov also touched on the ruble’s stability, noting that there is no clear justification for a rapid depreciation of the currency. He attributed this stability to a combination of sound macroeconomic policy, robust fiscal discipline, and the government’s ability to respond to external pressures with measured fiscal and monetary actions. The minister’s viewpoint aligns with repeated assurances that the macroeconomic framework remains resilient, even amid global volatility and sanctions-related uncertainties.
Earlier in the year, Siluanov reiterated that Russia continues to comply with the broad framework of sanctions despite the ongoing global economic disruptions. He emphasized that the country’s economy has shown resilience and a capacity to adapt to sanctions while maintaining essential public services and investment in strategic sectors. His comments reflected an ongoing narrative of stability and controlled risk exposure in the face of external restrictions.
Looking ahead, the minister outlined projections for Russia’s public finances. By the close of 2023, the budget deficit was projected to be just over 1 percent of GDP, materially lower than the initially planned 2 percent. This improvement was attributed to stronger-than-expected revenue collection, disciplined expenditure control, and the ongoing process of prioritizing core investments that support long-term growth. Siluanov suggested that the economy could sustain a growth trajectory around two to three percent in the near term as structural reforms and investment continued to support output.
On inflation, the minister cited forecasts indicating that price growth in 2023 would run slightly above 7 percent, with an expectation of gradual deceleration toward the central bank’s target. By the end of 2024, inflation was anticipated to approach approximately 4 percent, aligning with the central bank’s objective to restore price stability. This outlook rested on a combination of prudent monetary policy, anchored expectations, and policy coordination between the central bank and the fiscal authorities to keep inflation on a downward path while supporting domestic demand.
Regarding monetary policy prior to these statements, it is noted that the Central Bank of the Russian Federation had raised the key rate to around 13 percent in a bid to curb inflationary pressures and stabilize financial conditions. This move was part of a broader strategy to anchor inflation expectations, provide a credible shield against external shocks, and ensure that financial markets remained orderly during a period of heightened global uncertainty. The ongoing policy stance, in conjunction with fiscal discipline, was described as a stabilizing force for the economy as it navigated sanctions, supply chain disruptions, and shifting international demand.