Russian Finance Ministry
Russian federal agency managing state finances; published data showing oil revenues down 38% year-on-year in 2026.
Last refreshed: 13 May 2026 · Appears in 1 active topic
How long can Russia's National Wealth Fund sustain the war before fiscal constraints force a change?
Timeline for Russian Finance Ministry
Mentioned in: OFAC GL 134B expires 16 May, no successor
Russia-Ukraine War 2026Published Q1 data on 8 May showing 38.3% YoY oil/gas revenue fall and purchasing 110bn roubles NWF assets in May
Russia-Ukraine War 2026: Russia oil revenue -38% as Q1 deficit hits ceiling- How much have Russia's oil revenues fallen in 2026?
- Russia's Finance Ministry published data in May 2026 showing oil and gas revenues fell 38.3% year-on-year in January-April 2026 to 2.3 trillion roubles ($30.77bn), against a baseline of 2.8 trillion roubles.Source: Russian Finance Ministry
- How much money does Russia have left in its National Wealth Fund?
- Russia's NWF held $49.1 billion in liquid assets on 1 May 2026. Russia's Economic Development Ministry projected the liquid share could fall to $12.5 billion by year-end 2026 — roughly a quarter of its early February value.Source: Russian Finance Ministry / Economic Development Ministry
- Who is Russia's Finance Minister?
- Anton Siluanov has served as Russia's Finance Minister since 2011, managing Russia's finances through multiple rounds of Western sanctions and overseeing the National Wealth Fund drawdowns that fund wartime spending.
- Why is Russia's budget deficit growing so fast in 2026?
- Russia's Q1 2026 budget deficit exceeded the full-year target because oil and gas revenues fell 38.3% year-on-year (from lower crude prices and export disruption), while federal spending rose 15.7% year-on-year driven by military expenditure.Source: Russian Finance Ministry
Background
Russia's Ministry of Finance (Ministerstvo finansov Rossii) is the federal agency responsible for budget planning, tax policy, state borrowing, and management of the National Wealth Fund (NWF). In May 2026 it published data showing oil and gas revenues fell 38.3% year-on-year in January-April 2026 to 2.3 trillion roubles ($30.77bn), compared against a 2.8 trillion rouble baseline. Federal spending rose 15.7% in the same period, and the Q1 budget deficit alone exceeded the full-year deficit target set at the start of 2026. The ministry responded by approving a 110-billion-rouble NWF drawdown in May to recapitalise the budget.
The ministry is led by Finance Minister Anton Siluanov, who has occupied the role (with a brief interruption) since 2011 and has navigated Russia's finances through multiple sanctions regimes. The NWF, which Siluanov manages, was valued at $49.1 billion in liquid assets on 1 May 2026. At the drawdown rate implied by current spending, the Economic Development Ministry has projected the liquid share could fall to approximately $12.5 billion by year-end — roughly a quarter of its February 2026 value.
The Finance Ministry's published data is one of the few official windows into Russia's war economy. Its figures are used by Western analysts, the IMF, and independent Russian economists to track the sustainability of Russia's wartime fiscal position. The combination of falling energy revenues and rising military expenditure has placed the ministry at the centre of debates about how long Russia can sustain current operational tempo.
