Siluanov says Russians’ real incomes have risen by more than 24% over past three years

Russian Finance Minister Cites Income Growth and Budget Prospects at SPIEF-2026

ST. PETERSBURG — Russian Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF-2026) that real incomes of the population have increased by more than 24% over the past slightly more than three years, according to statements carried by TASS. He described the growth in real incomes as “the most important thing.”

In a separate interview on the sidelines of the forum, Siluanov said that additional budget revenue stemming from the situation in the Strait of Hormuz could reach 1 trillion rubles ($13.61 billion). He explained that oil prices at the start of the year were “not particularly favorable” for the budget, but market conditions had changed. He characterized the situation as temporary, adding that if the price environment remains through the end of the year, the budget could replenish the National Wealth Fund by around 1 trillion rubles.

Siluanov also said the current situation allows Russia to accumulate the National Welfare Fund (NWF). “The situation is a little better now, we’ll be accumulating [the National Welfare Fund] and rebuilding it,” he told the forum. He emphasized that the logic behind creating reserves is to use them to support the budget, reduce pressure on the financial market, and implement the country’s tasks. The minister noted that the ministry allocates NWF funds not only to support budget expenditures but also to invest in the economy, with the volume of such investments exceeding 4 trillion rubles.

According to the Finance Ministry’s earlier data, Russia’s National Wealth Fund totaled 12.955 trillion rubles as of June 1, 2026, equivalent to 5.5% of GDP projected for this year, or $182.4 billion. The liquid assets of the NWF amounted to 3.41 trillion rubles ($48.05 billion) as of June 1, down from 3.63 trillion rubles as of May 1.

The 29th St. Petersburg International Economic Forum is taking place on June 3-6 under the theme “Pragmatic Dialogue: The Path to a Stable Future.” Saudi Arabia is the guest country. The program includes the SME Forum, the Creative Industries Forum, the Day of the Future International Youth Economic Forum, and the Ensuring Drug Security Forum, as well as cultural events and the SPIEF Sports Games. VEB.RF is the title partner, and TASS is the official general information partner, according to the reports.