"No drastic changes to the tax system are planned"

Despite sanctions, high interest rates and a slowing economy, the Finance Ministry is optimistic. The main changes in the tax system have already been completed, and businesses should not expect new large-scale adjustments, Finance Minister Anton Siluanov said in an interview with Izvestia at SPIEF 2026. The focus is now on combating gray schemes, tax evasion, and unaccounted—for imports. At the same time, Internet outages also play a role: Russians are more likely to use cash than unscrupulous entrepreneurs. Why the authorities are in no hurry to drastically reduce the key, where the line between financial sovereignty and self—isolation lies, and why the state needs new privatization - in an exclusive interview with Izvestia.

"I wouldn't get into a pessimistic mood"

— Anton Germanovich, the first question is probably universal. Some say, "Everything is bad," others — "Everything is fine." So still, from a financial point of view, is everything good or bad?

— I always remain an optimist. Overall, the situation is under control and remains stable. Of course, there are difficulties and challenges — they have always been and will always be. The main thing is to understand how to overcome them, have the necessary tools and a clear plan of action. We know what needs to be done.

Therefore, I would not get into any pessimistic moods. Everything that is planned will be completed. The budget balance will be secured — this is one of our key tasks today.

— Are additional measures needed to maintain this balance?

— We are working on both income and expenses. If we talk about revenue, we continue to engage in the so-called whitewashing of the economy. We see areas where activities are still conducted outside the legal framework, where taxes are evaded. The Government has approved a corresponding plan, and we are implementing it.

In parallel, work is underway on expenses. New tasks are emerging that require financing, so we have to carefully consider the allocation of resources.

— That is, to optimize costs?

— In order to keep the budget balanced, it is necessary to make decisions about the priority of expenses. Such work is underway this year, and will continue in the preparation of the next financial plan.

"The growth of cash is more related to communication restrictions, rather than going into the shadows"

— Recent data show a noticeable increase in cash in circulation. Isn't this a sign that the business is moving into a gray area?

— There are several factors at work here. One of them is related to security issues. In some cases, it is necessary to temporarily restrict the operation of the Internet. When a person cannot pay for a purchase, service, or even parking in the usual way, they need a cash reserve or an alternative payment infrastructure.

Therefore, we are working to ensure that the financial system functions as stably as possible. But in security-related situations, the use of "live" money becomes a necessary measure.

— But it creates additional opportunities for going into the shadows, doesn't it?

— Partly, yes, it's hard to argue with that. We do see attempts by companies, primarily in the small business segment, to work with cash without using cash registers and without paying taxes in full.

That is why one of our key tasks is to expand the use of CCT and increase the transparency of calculations. The Federal Tax Service pays great attention to this work.

But still, the growth of cash is more related to communication constraints, rather than a large-scale economic retreat into the shadows.

— Which industries use gray schemes more often than others?

— For example, it concerns the import of goods from third countries through the EAEU states. Until June, there were schemes in which products were delivered through formal importers. As a result, VAT was not paid in full, and customs clearance was carried out improperly.

We see here a serious reserve for replenishing the budget. Thanks to the payment confirmation system for supplies alone, we expect to receive an additional 300 billion rubles.

"Adjustments are possible in benefits, preferences"

— Today you said that with the adjustment of the tax system, a number of risks were avoided. Which ones are being saved now? And will new changes be required, which frighten many?

— The main decisions have already been made, so there are no drastic changes to the tax system.

Of course, individual adjustments are possible in terms of benefits, preferences, and assessment of the effectiveness of tax expenditures. Such decisions have always been made.

But we are not going to prepare large-scale changes like those that have been carried out in recent years. Currently, the main focus is on eliminating gray schemes and increasing the collection of existing taxes.

— Is it difficult for the Ministry of Finance to maintain a balance between the interests of the budget, business and consumers? After all, many decisions affect people in one way or another, and often they do not understand the logic of what is happening. It seems that measures are being taken to improve the situation, but as a result, consumers face inconveniences: some goods disappear, some become more expensive.

— We proceed from the fact that equal conditions of competition should apply to all market participants. And this is primarily the same compliance with tax legislation.

Those who use various gray schemes may indeed find themselves in a more advantageous position for some time compared to bona fide market participants. But such an advantage is usually temporary. You can later pay dearly for it — in the form of fines and other consequences.

Therefore, our basic position is that the rules that are fixed by law must be observed by everyone without exception. This is the main principle from which we proceed when making decisions.

"We should not bring the ruble to a state where imports become more profitable than our own production"

— Today, the Minister of Economic Development said that one of the features of the new reality is a strong ruble, in which business will have to work. Do you agree?

— First you need to understand what we call a strong ruble. If the national currency becomes too strong, export-oriented industries begin to experience difficulties. At some point, it becomes unprofitable for enterprises to produce products within the country, and imports begin to win the competition. This should not be allowed. That is, we should not bring the ruble to a state where imports become more profitable than our own production.

But too weak a ruble is also a problem. In this case, imported goods become less accessible to the population, and equipment and technologies become less accessible to businesses. Therefore, the task is to find a reasonable balance.

— Where is this golden mean?

— I don't want to give any specific figures right now. But we really see that the ruble is quite strong today.

Why is this situation happening? At one time, we actually suspended the budget rule in order to direct more oil and gas revenues to finance expenses. Then it was necessary — the country needed additional resources.

The situation is changing today. We see the need to restore the full-fledged operation of the budget rule. And not only to plan government spending more precisely, but also to smooth out fluctuations in external prices, primarily for energy resources.

The mechanism here is simple: part of the additional foreign exchange earnings from high oil and gas revenues is directed to the National Welfare Fund. This reduces the impact of the external environment on the economy and makes the ruble exchange rate more predictable and stable.

We can already see that this mechanism has started to work. Such decisions were made last month. In June, we will also be present on the foreign exchange market, and the volume of transactions will be almost twice as large, as oil and gas revenues will exceed the base cut-off price set for this year.

In the future, we plan to use the budget rule precisely to ensure that the ruble exchange rate remains more predictable and that there is less pressure on its strengthening from export earnings from the sale of energy resources.

"Privatization is not only money for the budget, but also a matter of efficiency"

— If we talk about budget revenues, is there a need for a new large-scale privatization now?

— Absolutely. Moreover, this issue needs to be addressed constantly. We are well aware that privatization is not only money for the budget, but also a matter of effective management.

First of all, we are talking about the emergence of private shareholders, improving management efficiency and another management model. When the company's management is interested in increasing the value of shares, increasing returns on invested capital, and paying dividends, this has a positive effect on business development.

In addition, privatization remains an important element of financial market development. Therefore, we have done this work before and will continue it regardless of external and internal conditions.

The sale of additional Aeroflot shares is currently being discussed. It is a successful company that shows profit. We also propose to implement a state-owned stake in the Novorossiysk Commercial Sea Port.

At the same time, in the case of Aeroflot, the state will retain a controlling stake. We believe that such decisions should continue to be made, and the Ministry of Finance is preparing appropriate proposals.

If we talk about the income from the sale of property, which has recently been transferred to the treasury by decisions of courts and law enforcement agencies, then this work is also actively continuing. This year, we have already received more than 100 billion rubles from the sale of such assets that have become state property. We expect to receive about 200 billion rubles more by the end of the year. Thus, the total revenue from privatization will amount to about 300 billion rubles.

"Monetary policy rigidity must continue to be maintained"

— Has the dispute between supporters of tight monetary policy and those who advocate its easing ended? Has there been a consensus among the financial authorities on this issue?

— A tight monetary policy is needed to reduce inflation, which remains a source of additional and quasi-taxes for our citizens.

It is inflation that is the reason why high rates remain today. We are moving towards a 4% target, and for this we need to control the volume of the money supply and its growth rate.

The budget has a big impact on the key one. We are well aware that the treasury deficit is an additional source of money supply.

In this regard, we are conducting budget policy in coordination with the Central Bank. Monetary policy rigidity should continue to be maintained. And for this it is necessary to have balanced finances.

"Companies should enter the capital market more actively"

— Meanwhile, there is still not enough long-term money in the economy.

— That's why we are developing the financial market. That is why we are talking about the need for our companies to enter the IPO and SPO market. On the one hand, this gives businesses the opportunity to raise capital, and on the other, citizens can invest money not only in deposits, but also in stocks, bonds and other financial instruments.

— At current rates, it is more interesting for many to simply deposit money and not take risks than to invest in stocks.

— As interest rates decrease, investments in companies' capital will be no less interesting.

By the way, I am also the chairman of the Board of Directors of Sberbank. If you look at investments in its shares, taking into account the dividends paid, then such investments are no less successful and profitable than placing funds on deposits.

— But we have to think about the development of not only Sberbank. Investments are needed in small companies and in new projects. After all, these are riskier investments, but they can bring high returns and allow new businesses and startups to grow.

— I gave the example of Sberbank because in this case a person can either deposit money or invest it in shares of the same company.

But I agree with you: Sberbank is far from the whole country, and it is certainly not just about it.

We are talking about the need to develop the financial market, to encourage companies — from small private enterprises to large state corporations — to enter the capital market and thus attract funds for development.

Loans are really expensive today, companies' profits are not what they were two years ago, and resources are still needed for development.

"Financial sovereignty is not self—isolation"

— Today you said that Russia has achieved financial sovereignty. What does this mean for the common man?

— First of all, it means that we are not dependent on anyone. We do not attract funds from international monetary funds or global banks. We have created our own self-sufficient financial infrastructure. These are both Mir cards and our own settlement and payment system.

All this works smoothly, despite the fact that Western countries have disconnected us from a number of international services.

For an ordinary person, this means that despite the turbulence in the global economy and sanctions, everything necessary for the financial system to work inside the country will be provided — salaries will continue to arrive, all tools and payments will continue to function.

— But sovereignty doesn't mean isolation from the outside world, does it?

— Of course, financial sovereignty is not self—isolation. If there are opportunities, we will, of course, use global money and continue to interact with institutions that were available before. The important thing is that we are able to function independently without them.