and move away from the defensive model

Today, Russia is adapting its economy and moving from protection from external factors to the expansion of its technologies and products to third countries, Deputy Head of the Presidential Administration Maxim Oreshkin said on the sidelines of SPIEF-2026. He stressed that one should not wait for the lifting of Western sanctions and a return to the previous way: sanctions are fundamental and not related to specific events. Together with Oreshkin, Minister of Economic Development Maxim Reshetnikov and Minister of Finance Anton Siluanov participated in the discussion on returning to the trajectory of sustainable economic growth amid global uncertainty.

What else did the speakers say:

Maxim Oreshkin:

– BRICS members today provide 50% of global economic growth, and G7 – only 20%;

– Opportunities for economic growth for Russia are becoming greater, and they should be used;

– Unemployment in Russia is the lowest in the world.

Anton Siluanov:

– Despite unfavorable external conditions, Russia has retained its independence in financial and economic policy. The country makes decisions based on domestic priorities;

– Russia controls the budget deficit;

– Today the Russian Federation lives without external sources of investment, counting on itself;

– Russia will soon pay off its foreign debt in full. It now stands at 10% – the lowest in the G20;

– Over the past 3 years, the growth of the Russian economy has amounted to about 10%.

Maxim Reshetnikov:

– The contours of the new economic model are traced;

– We are forced to fine-tune the model of economic growth depending on the events taking place (pandemic, 2014 events, imposition of sanctions);

– There are questions with the budget deficit, the Central Bank reacts to this. It will take time to hit targets in fiscal policy;

– In the Russian Federation, the outflow of capital is “closed” – resources are accumulating in the country that need to be used to develop the economy;

– Without new sources in the labor market, it will be difficult for the Russian economy to grow;

– The growth of wages can and should exceed the growth of labor productivity, since there is still a margin for their increase;

– The Ministry of Economic Development expects to smooth out the investment situation in the second quarter;

– The Central Bank’s decisions to ease monetary policy will affect the Russian economy in the first half of 2027.

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