Maxim Oreshkin became the new Minister of Economy of Russia

Maxim Oreshkin. New Russian Minister of Economy

The First Deputy Prime Minister Igor Shuvalov has presented the new Minister of economic development of Russia Maxim Oreshkin on 01 Dec 2016 at the Ministry of Economic development. Mr. Oreshkin will replace Mr. A. Ulyukayev dismissed on 15 November 2016 because of “loss of confidence”. Both orders were signed by the President.

During the presentation of the new Minister to reporters, Mr Shuvalov stressed that the new Minister is “the economist of the new formation, he’s not blinkered with old knowledge” and shared what are the challenges facing the Minister of economy of the Russian Federation in the current situation:

  1. To recreate the macroeconomic forecasts in the framework of the Ministry of economic development. Focus of the government on creation of macroeconomic forecasts must be situated here(now Central Bank and Ministry of Finance provide it too)
  2. Re-evaluate programmes of support certain sectors, which was implemented by the government. Must be supported only those markets that contribute to the economic development of the country;
  3. Create a good business climate, for which the country should rise in the World Bank’s doing business rating on two dozen positions;
  4. Export support and its inclusion in the list of priority projects (as of today it is behind project). Special article is creation of new trading houses project based on existing 57 trade missions of the Russian Federation in the world, together with the Russian export center (REC) of system of trade missions of a new type, an alternative to the existing in the Embassy system. The goal is to create a platform for promoting Russian goods.
  5. The formation of the system in which Federal program (Federal targeted programmes and targeted investment programmes) becomes a mechanism of budget management.

In addition to these issues, in the near future other social and tax questions will be raised in 2017 you the Ministry will need to find a balanced ratio in distribution of the tax rate between citizens and business. In addition, the revival of the policy of “fiscal rules” is expected, in which oil and gas revenues and expenses will be calculated from the base oil price, and in excess of plan prices will form a Reserve Fund.

Igor Shuvalov assured the journalists that the Ministry of economic development will focus on the economic development of the country in accordance with the policy of the President. And also he underlined that the Ministry of economy does not merge with the Ministry of Finance.

Igor Shuvalov represents new Minister of Economy

The new Minister of economic development of Russia M. Oreshkin promised to justify the confidence placed in him, primarily due to a more flexible work style and more active cooperation with other ministries, agencies and business. The first meeting and plans will be available in the coming days, and on the Board of the Ministry of economic development December 19, 2016 will be summed up in 2016 and defined the tasks of economic development next year.


Ministry of Economy,