Russian Finance Minister Anton Siluanov characterized the 2024-2026 federal budget as a “victory budget” during a recent interview with a major national newspaper. In outlining the plan, Siluanov framed the three-year spending envelope as one that aligns with strategic goals and the current security environment, signaling a budget built to sustain essential state functions while pursuing long-term national priorities. The remarks reflect a view that the budget should serve as a stabilizing instrument for the economy and a platform for decisive policy actions amid evolving domestic and international conditions.
According to Siluanov, expenditures directed at the economy represent roughly 10-11% of total outlays and are relatively stable within the framework. He underscored that, given the prevailing external and political context, the foremost objective remains ensuring financial support for ongoing military operations and related operations. He added that the three-year plan, which was discussed in collaboration with Russia’s parliament, was indeed framed as a “victory budget” in the sense that it seeks to preserve fiscal resilience while enabling the government to meet its strategic commitments over the period ahead.
Siluanov also noted that the Ministry of Finance does not rely on exchange rate movements as a primary tool to replenish the budget, emphasizing a commitment to a more predictable revenue base and careful fiscal management. This stance highlights a broader approach to budgeting that prioritizes policy discipline and transparent financing strategies over opportunistic currency considerations.
Earlier, the finance chief outlined several potential financial risks for Russia in the coming year. He cited external factors, ongoing sanctions, and uncertainty surrounding the actions of other major powers as key sources of potential volatility for the Russian economy. These warnings reflect a prudent budgeting mindset, aiming to cushion the state finances against shocks while maintaining the ability to support strategic aims even in a fluid international landscape.
In recent remarks, the Prime Minister, Sergey Mishustin, urged caution against excessive optimism, stressing the need for steady oversight and realistic planning. This sentiment echoes the emphasis on prudent fiscal stewardship and the importance of balancing ambitious policy objectives with disciplined budgeting and risk management. The dialogue between the ministry and the legislature underscores a cooperative approach to shaping fiscal policy that supports stability and strategic resilience in the face of rapid global change.