Russian officials confirmed they are reconsidering plans to increase long-term government reserves following recent oil price increases. The Kremlin spokesperson said economic discussions are ongoing with President Putin's involvement.
MOSCOW – Russian government officials acknowledged Tuesday they are reassessing plans to expand the country’s long-term financial reserves after oil prices surged due to conflicts involving Iran.
The confirmation came after Reuters reported Monday that Moscow would delay its strategy to strengthen fiscal reserves in response to the recent petroleum market volatility.
When questioned about the news report, Kremlin spokesperson Dmitry Peskov explained the matter falls under government authority. “This is the prerogative of the government,” Peskov stated during a press briefing. “These issues are discussed at meetings on economic issues with the participation of the head of state. These issues are currently being worked out.”
According to sources familiar with the situation, the decision to postpone the reserve enhancement plan stems from the recent spike in oil prices connected to ongoing tensions with Iran.
Peskov indicated that economic policy discussions involving President Vladimir Putin are addressing these fiscal matters as the situation develops.
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