Siluanov: Russia’s budget to swing into deficit this year

Russia’s budget will swing into a deficit this year due to the crash in oil prices and the economic impact of coronavirus, Russian finance minister Anton Siluanov said.

"A decrease in energy prices has always been one of the main risk factors for our economy. Now a much more serious problem has been added: coronavirus infection," The Financial Times cited him as saying. "Unfortunately, the situation is not developing in the best way," the minister noted.

"Of course we will switch to a deficit budget this year," he said. Siluanov noted that cash will be provided to businesses and regional authorities to weather the impact of the pandemic.