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fxJun 4, 2026, 7:21 AM

Russia Keeps Budget Rule Cutoff Unchanged in 2024, Eyes Reduction for 2026

The Russian Ministry of Finance will not change the budget rule's cutoff price this year, but Finance Minister Siluanov stated at the SPIEF that a downward adjustment in 2026 would help reduce the ruble's dependence on energy prices and improve exchange rate predictability.

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Russian Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF) that the budget rule's cutoff price will remain unchanged this year. However, he noted that a reduction is clearly needed in the longer term to lessen the ruble's vulnerability to energy price swings.

Siluanov stressed that the ruble exchange rate should become less dependent on energy resource prices, and adjusting the budget rule downward in 2026 would create more predictability and stabilize the ruble. Currently, foreign currency revenues are running above forecasts, which impacts the exchange rate.

The Ministry of Finance believes the cutoff price should be revised lower, a move that would help align the ruble's trajectory with fiscal sustainability goals.

Source: MarketTwits