Budget goals to be met despite potential new sanctions, Russian finance minister says

Anton Siluanov says, 'Even if additional restrictions and sanctions are imposed, everything foreseen in our budget for this year will be fulfilled'

Russian Finance Minister Anton Siluanov said on Wednesday that the government will fully meet its budget obligations in the event of additional sanctions and restrictions against Russia. Speaking in the Duma, the lower house of the Russian parliament, he said: “Even if additional restrictions and sanctions are imposed, everything foreseen in our budget for this year will be fulfilled." If additional sanctions are imposed, he assured the parliament that the government will work to ensure financial and macroeconomic stability as well as budget balance. There are no significant changes to tax legislation planned, he added. He also assessed the situation in Russia's coal sector, which has been facing declining revenues, and said: “Despite the difficult situation in the coal industry, I cannot say that the situation is critical in general. It clearly requires state support.” Following the onset of the Russian war on Ukraine in 2023, Western countries, especially EU members and the US, began to implement sanctions aimed at paralyzing the Russian economy, which included embargoes and financial measures.