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Russia’s balanced budget policy allows adapting quickly to restrictions - finance minister — TASS

August 06, 2019 | TASS

The US decision to impose additional restrictions has a negative impact on the two countries’ relations, said Anton Siluanov
A flexible macroeconomic structure and balanced budget policy allow the Russian economy to adapt swiftly to sanctions pressure and unfavorable external conditions, Russian Finance Minister Anton Siluanov told reporters commenting on the second round of US sanctions.

"The US decision to impose additional restrictions has a negative impact on the two countries’ relations. However, the Russian economy has proven its sustainability to external restrictions in recent years. The flexible macroeconomic structure, we have created, and a balanced budget policy can ensure the economy’s swift adaptation to unfavorable external conditions," said Siluanov, who is also the first deputy prime minister.

He pointed out that the financial system, set up by the government, allows meeting demands of the budget and enterprises for loan resources.

On August 2, the United States announced that the second round of US sanctions over the Skripal case would include a prohibition on US banks from lending non-ruble denominated funds to the Russian government. As part of the restrictions, the United States will oppose the extension of any loan or financial or technical assistance to Russia by international financial institutions, such as the World Bank or International Monetary Fund. US banks will also be prohibited from "participating in the primary market for non-ruble denominated bonds issued by the Russian sovereign and lending non-ruble denominated funds to the Russian sovereign."

The second round of sanctions goes into force on August 19 and will be in effect for a year.

On August 1, US President Donald Trump signed an executive order, which stipulates the procedure of sanctioning the country found to have breached the US Chemical and Biological Weapons Control and Warfare Elimination Act of 1991. The act was used as a legal justification for slapping the first round of sanctions on Russia over the Skripal case at the end of August in 2018.

Company: Russia

Full company nameMinistry of Finance of the Russian Federation
Country of riskRussia
Country of registrationRussia

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