Putin elevates finance minister amid mounting budget pressures
SPY•Vladimir Putin promoted Finance Minister Anton Siluanov to deputy prime minister while he retains his current post, with the Kremlin citing macroeconomic stability and budget discipline. Russia has doubled its 2026 deficit forecast to 3.2% of GDP, while planned 2026 spending is up 13.2% to 48.6 trillion roubles.
1. Cabinet reshuffle
Putin promoted Finance Minister Anton Siluanov to deputy prime minister while keeping him in charge of the Finance Ministry. Deputy Finance Minister Irina Okladnikova will become the government's chief of staff.
2. Budget pressures
Russia has doubled its forecast for the 2026 budget deficit to 3.2% of GDP from 1.6%. Budget spending is projected to rise 13.2% to 48.6 trillion roubles, or 20.9% of GDP; a revised budget before parliament envisages 2027 defence spending around 27% higher than originally planned.
3. Tighter spending control
The Kremlin said the appointment was intended to support macroeconomic stability and budget discipline. Analysts said Siluanov's promotion suggests the government wants tighter control over spending decisions as it plans tax hikes and spending cuts next year.
