Easing of geopolitical tensions good for Russian economy, whole world, Siluanov says
MOSCOW. Feb 21 (Interfax) - The possible easing of geopolitical tensions will benefit the Russian economy and the world in general, Finance Minister Anton Siluanov said.
"As you correctly say, if there will be a trend toward easing of geopolitical tensions, everyone will benefit, and the Russian economy will certainly get an additional push. Therefore, we are carefully following the negotiations that are being held now," Siluanov said in an interview with TV channel Asharq Business Bloomberg at the AlUla Conference for Emerging Market Economies in Saudi Arabia.
Russian and U.S. officials held negotiations in Riyadh on February 18 and agreed to soon begin the process of resolving the Ukrainian crisis.
Siluanov said Russia is conducting its economic and financial policy with a view to relying on its own resources.
"And we're doing everything necessary so as to depend as little as possible on external factors that influence, among other things, our economy, [pursuing] a balanced budget policy. We're stimulating the sectors that we need in order to ensure our technological independence, supporting people. And all this is bearing fruit. Last year the economy, according to the latest data, grew by 4.1%, and people's incomes rose by 8.4%. This is a very decent result," Siluanov said.
He said any decrease in geopolitical tensions will have a favourable impact on the global economy and the Russian economy. "We will follow the progress of the negotiations. But regardless of the progress of the discussion, we've begun to conduct budget policy even more responsibly," Siluanov said.
He recalled that the federal budget for 2025 was drawn up based on fiscal rules and targets a deficit of 0.5% of GDP.
"This is a guarantee that, regardless of external factors, we will fulfil everything we conceived, for what we planned money. We have resources, and with such a budget deficit there won't be any problems with fulfilling [our plans]," Siluanov said.
