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Western sanctions speed up structural reforms in Russia, finance minister says

May 24, 11:58 UTC+3

According to Anton Siluanov, negative trends, including sanctions, are rising along with positive changes in the global economy now

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Russia's First Deputy Prime Minister and Finance Minister Anton Siluanov

Russia's First Deputy Prime Minister and Finance Minister Anton Siluanov

© Vladimir Smirnov/TASS Host Photo Agency

ST. PETERSBURG, May 24. /TASS/. The pressure of western sanctions has sped up structural reforms in Russia, First Deputy Prime Minister and Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum on Thursday.

"Sanctions have facilitated reforms implementation in Russia, in the budget policy, structural reforms. Sanctions have prompted us to be quicker with reforms," he said.

According to Siluanov, negative trends, including sanctions, are rising along with positive changes in the global economy now.

Russia’s budget is currently balanced with the oil price of $50 per barrel, Siluanov said, adding that next year he expects a balanced budget with the price of slightly over $40 per barrel.

"Previously the budget was balanced with the (oil) price of $100 per barrel, whereas today the budget is balanced with the price of $50, and slightly over $40 next year," he said.

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