Anton Siluanov has outlined Moscow’s financial priorities for 2024-2026
Russia’s main focus for the next three years will be on funding its military to help it achieve victory in the Ukraine conflict, although the country’s authorities do not plan to renege on their social policy commitments, Finance Minister Anton Siluanov has said. According to official figures, Moscow plans to spend 14.2 trillion rubles ($158 billion) on defense and national security in 2024.
In an interview with the Russian daily Izvestia on Thursday, Siluanov noted that the West’s unprecedented sanctions against Moscow over the Ukraine conflict have presented tough challenges for the Russian government. “But we already understand the situation, and know how to act,” he said, adding that against this backdrop, the country’s GDP is projected to grow 3.5% in 2023.
The minister said that the 2024-2026 budget plan, which was signed by President Vladimir Putin last month, prioritizes military spending.
“In the current conditions, the main task is to financially support the goals of the special military operation. We, together with the parliament, have described the three-year financial plan as a victory budget.”
Siluanov added that around 10-11% of the budget would be allocated to spurring economic growth, adding that while in relative terms these expenditures had decreased, in nominal terms this had not happened.
“The well-being of citizens depends on economic growth. Despite all the restrictions, support for the economy is an extremely important part of the budget,” he stressed.
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