Russia Seeks Fiscal Resilience Amid Global Economic Shifts

Amid global economic uncertainties, Russia aims to build fiscal reserves to ensure sustained budget spending. With current mechanisms deemed inadequate, the country plans to revise its fiscal strategies. Finance Minister Anton Siluanov emphasizes the importance of resilience as oil prices and revenues face potential declines.

In the face of global economic uncertainties, Russia is taking steps to fortify its fiscal defenses. Finance Minister Anton Siluanov announced plans to boost Russia's reserves, ensuring a minimum of three years' budget spending coverage, even if oil prices remain depressed.

The existing financial strategy, which directs oil revenues above the $60 per barrel 'cut-off' to the National Wealth Fund, is under review. Siluanov suggests revising this benchmark to enhance contributions, adapting to the current volatile economic environment.

Amid forecasts of lower oil prices and reduced export revenues, Russia aims to maintain financial stability. This move coincides with heightened concerns from the Russian central bank about prolonged low oil prices impacting the global export landscape, exacerbated by trade tensions.

(With inputs from agencies.)