Russian FinMin Siluanov Warns Large Deficit Could Consume Reserves
Russian state-owned companies have lobbied the Kremlin for “loans and capital injections” from the country’s two large sovereign wealth funds, the National Welfare Fund and Reserve Fund. Western sanctions have affected Russian state-owned enterprises (SOE) from tapping Western capital markets for funding.
Russian Finance Minister Anton Siluanov warned that Russia could use up all of its Reserve Fund in 18 months if spending is not carefully monitored. TASS news agency reported Siluanov speaking to students in St. Petersburg, “This year we will use up to 3 trillion rubles [US$ 59 billion] of the Reserve Fund’s 5 trillion [US$ 98 billion], that is, we could basically use it up in a year and a half if we don’t approach our budget policy responsibly.”
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