Russian Finance Minister: Moscow must prepare for new Western sanctions
While speaking at a collegium of finance, treasury and tax authorities in Kazan, Russian Finance Minister Anton Siluanov said that Russia is being threatened with new financial sanctions.
Anton Siluanov, the head of the Ministry of Finance of the Russian Federation, arrived at a joint meeting of Tatarstan's financial departments on December 16. He said that the country faces new financial sanctions, reported Komsomolskaya Pravda.
According to Siluanov, the budget deficit needs to be reduced in order to reduce the sanctions’ impact on Russia’s economy. Additionally, Siluanov noted, federal spending will be minimal in 2018.
"We have a significant portion of federal loan bonds purchased by foreign participants, because they trust our course [and] because this [Russia] is a reliable and profitable investment; compared to other emerging economies, Russia looks much better," he noted.
At the same time, in his opinion, sanctions may touch on government bonds. It is expected that Russia's budget deficit will drop to 1.4% of GDP in 2018.
"Our budget deficit will fall from 2% of GDP this year to 1.4% next year. It will continue to decline in order to limit the possibility of it influencing our budget [and] fulfillment of our obligations over the coming years," the Minister of Finance stressed.