Oil shocks and sanctions spark a Siluanov finance beat: Russia’s finance minister steers budget as oil/price dynamics clash with ruble and curbs. Born 1963, economist.
Oil prices have surged due to Middle East conflicts and disruptions in the Strait of Hormuz, impacting Russia's budget and global energy markets. Russian crude now trades above $60, but budget shortfalls persist as revenues remain below the required levels, with geopolitical tensions intensifying market volatility.
Russian defence spending remains a focal point as Moscow assesses a growing budget deficit amid extended conflict. Finance minister Siluanov has signalled possible cuts and redirection of resources, while state projections flag slower growth this year. Ukraine reports continued strikes on Russian energy infrastructure and cities.