Siluanov called the budget for the next three years the most difficult in his career

The head of the Ministry of Finance Anton Siluanov believes that the budget for the next three years will be the most complex in his career (he heads the department since the end of 2011). This is what the minister said on the air of the channel “Russia-24” in the documentary “Russian Ministry of Finance. 220 years in the service of the people”, devoted to the 220th anniversary of the establishment of the Ministry (September 8, 1802).

Siluanov noted that the budget includes funds for the country’s technological sovereignty. When we faced restrictions and sanctions, we realized that a number of critical technologies are not produced in our country,” he explained. – Therefore, the question of replenishing those competencies that we received from abroad is, of course, a long enough program, but without it we cannot ensure technological sovereignty. And all this also requires money.

Siluanov said before that the forthcoming budget would be very complicated. Prime Minister Mikhail Mishustin also warned about the difficult development of the draft budget.

“The scale of sanctions and attempts by unfriendly countries to block our work, our exports, our imports, logistical corridors, opportunities to financially support their areas of activity – all of this puts difficult tasks under the formation of our budget,” explained the head of the government.

Andrei Makarov, the chairman of the State Duma Committee on Budget and Taxes, in his turn, said in the film that “every year it seems that there has never been such a difficult budget”.

Because of the military operation in Ukraine, the United States, the United Kingdom, European Union countries, Australia, Canada, Japan, and other states have imposed sanctions against Russia, making Moscow the top-ranking country in terms of the number of international restrictions acting against it.

In August, the RF Ministry of Finance reported a 29% year-on-year decrease in non-oil and gas revenues of the federal budget in July, to Rb 990bn (compared with Rb 1.39 trillion in July of the previous year). Oil and gas revenues decreased by 22% year-on-year, to Rb 771bn.

In general, the reduction of budget revenues reached 26% by July 2021 – they amounted to 1.76 trillion rubles.

At the same time, President Vladimir Putin announced on August 25, about the growth of both oil and gas, and non-oil and gas revenues.

A new draft budget is being prepared for 2023 and the planning period of 2024-2025. The Cabinet will submit the draft to the State Duma by October 1.

Ministries and agencies have applied for additional funding from the budget for 2023 and the planning period of 2024 and 2025 in the amount of about 5 trillion rubles annually (last year they asked for additional 3 trillion rubles in 2022-2024). Siluanov stressed that the budget is being formed “in fundamentally new economic and financial conditions of unprecedented sanctions pressure and breaking of established economic ties”, and the planning period is characterized by high risks to the balance of the federal budget.