Russia cuts oil revenue dependence in 2025 budget

Russia is reducing its reliance on oil and gas revenues to fund its federal budget, Finance Minister Anton Siluanov said during a hearing in the Federation Council on the 2025 budget draft and the 2026-2027 planning period. The shift will see internal borrowing as a key source of financing.

Siluanov emphasised that strengthening the country’s defence capabilities remains a top priority, with resources allocated to equipping and purchasing military hardware, supporting military personnel, and upgrading the defence industry. The focus on defence spending reflects Russia’s commitment to bolstering its military readiness.

Attribution: TASS

Subediting: M. S. Salama