Connect with us

Russia

Russian regional budget deficits nearly double to 294 billion rubles in Q1

Published

on

According to an activity report published by the Russian Accounts Chamber, the number of regions running a budget deficit in the first quarter of 2026 rose to 56, up from 46 in the same period of the previous year.

The report noted that the combined budget deficit of these regions nearly doubled, increasing from 153.9 billion rubles to 294 billion rubles.

The rise in the number of deficit-running regions was driven primarily by those experiencing deep fiscal imbalances. The number of regions where the budget deficit exceeded 10% of their tax and non-tax revenues climbed to 35, up from 23 in the first quarter of 2025. Conversely, the number of low-deficit regions—where the deficit remained below the 10% threshold—slipped from 23 to 21.

The report ranked the highest ratios of budget deficit relative to regional tax and non-tax revenues as follows: the Jewish Autonomous Oblast (50.5%), Kemerovo Oblast (50%), Vologda Oblast (32.9%), and the Komi Republic (32.7%).

Among the deficit-running regions, 12 saw simultaneous declines in both revenues and expenditures, while expenditures outpaced revenues in 27. According to the Accounts Chamber, a budget deficit was recorded for the second consecutive year in 39 regions, and for the third consecutive year in 11 regions.

In absolute terms, Kemerovo Oblast recorded the highest deficit at 21.3 billion rubles. This was followed by the Khanty-Mansi Autonomous Okrug at 20.3 billion rubles, Krasnodar Krai at 19.9 billion rubles, Irkutsk Oblast at 17.4 billion rubles, and Moscow Oblast at 15.2 billion rubles.

On the other hand, of the 34 regions that posted a budget surplus, the surplus did not exceed 5 billion rubles in 23 regions, while it ranged between 5 billion and 33 billion rubles in 10 regions.

Moscow was the sole exception to this trend, posting a budget surplus of 276.9 billion rubles. Moscow Mayor Sobyanin had previously described deficits in the capital’s budget as non-critical.

Outlining the overall financial condition of the regions, the report stated:

“Regional revenues amounted to 5.5144 trillion rubles, representing 20.7% of the projected volume for the year, while expenditures reached 5.3744 trillion rubles, or 18.4% of the annual target. Excluding Moscow, revenue growth stood at 0.2%, while expenditure growth reached 5.2%.”

A decline in revenues affected 29 regions, while 19 regions registered a drop in expenditures. During this period, 15 federal subjects recorded a simultaneous drop in both revenues and expenditures, whereas 14 regions faced rising expenditures despite falling revenues.

In 20 of the 29 regions with declining revenues, both corporate tax receipts and unrequited federal budget transfers fell simultaneously; in nine of these regions, revenues have contracted for the second consecutive year.

Federal budget deficit exceeds projections

Russian Finance Minister Anton Siluanov announced in June that the country’s 2026 federal budget would undergo revisions, and that the budget deficit would run slightly above the planned 3.786 trillion rubles, which represents 1.6% of GDP.

Discussing funding mechanisms to cover the gap, Minister Siluanov noted that several alternatives were available, including the utilization of budget balances and asset sales.

Although the statutory budget deficit for 2026 was set at 3.8 trillion rubles (1.6% of GDP), the deficit for the January-April period has already reached approximately 6 trillion rubles (2.5% of GDP).

According to Finance Ministry estimates from early May, federal budget revenues for the January-April 2026 period fell 4.5% year-on-year to 11.7 trillion rubles.

Oil and gas revenues plunged 38.3% to 2.3 trillion rubles, dragged down by earlier declines in oil prices.

Conversely, non-oil and gas revenues rose 10.2% to 9.4 trillion rubles, driven by a 20.2% surge in value-added tax (VAT) collections, which reached 5.3 trillion rubles.

Budget expenditures rose 15.7% compared to the previous year to reach 17.5 trillion rubles, fueled by accelerated procurement processes and advance payments.

For the full year of 2025, federal budget revenues stood at 37.2 trillion rubles against expenditures of 42.9 trillion rubles, resulting in a deficit of 5.6 trillion rubles, or 2.6% of GDP.

Russia

Patrushev urges assertive Russian naval presence to counter NATO encirclement strategy

Published

on

Nikolai Patrushev, Assistant to the President of the Russian Federation and Chairman of the Maritime Board, has outlined a sweeping strategic vision for Russia’s global naval power while issuing sharp warnings to NATO, the Baltic states, and European governments.

In an extensive interview with Ivan Yegorov of the state-run newspaper Rossiyskaya Gazeta, the former Director of the Federal Security Service (FSB) also disclosed previously classified operational details from his tenure heading the domestic intelligence agency and shared personal family histories from World War II.

Speaking ahead of the 85th anniversary of the beginning of the Great Patriotic War, Patrushev emphasized the geopolitical imperative of preserving historical memory as a geopolitical shield.

“The Great Patriotic War is the cornerstone of our national historical memory and an inseparable part of our culture,” Patrushev said. “In Russia, regardless of nationality, it is impossible to imagine a normal citizen who does not hold the memory of the war sacred. Fighting uncompromisingly to preserve this memory is everyone’s duty. This is the most effective antidote against the new wars being fomented on earth today.”

Patrushev criticized Western societies for what he characterized as a profound ignorance of history. “If people in the West knew the history of the Second World War deeply enough and learned the full truth about the atrocities of Hitlerism, they would shrink back in horror from their governments, which today support neo-Nazism,” he said.

He asserted that during World War II, the proportion of Nazi collaborators in Europe far outnumbered those in active resistance movements, describing this as an established historical fact.

“This is not an assertion, but a fact accepted by European historians,” Patrushev said. “In France, with a population of 40 million, approximately 3.5 million people served the occupiers. I emphasize: they did not merely sympathize; they directly and actively served. In contrast, the number of participants in the French Resistance was around 250,000. These figures are not even comparable. Indeed, the last defenders of the Reichstag were French SS soldiers.”

Evaluating France’s post-war status, Patrushev added: “Nevertheless, France was included among the victorious allied nations and obtained a seat on the United Nations Security Council due to the anti-fascist movement of the Allies and the personal respect that Joseph Stalin himself held for General Charles de Gaulle.”

“Descendants of those who besieged Leningrad are now aiding Kyiv”

Turning to the German occupation of the British Channel Islands, Patrushev stated: “There, such an agreement was reached between the British and the Germans that British police patrolled alongside German soldiers. However, many ordinary residents of the islands acted more courageously than the British authorities, hiding Soviet prisoners of war, whom the Germans had brought for forced labor, in their homes.”

Patrushev emphasized that, in his view, the whole of Europe consciously waged war against the Soviet Union.

“Nearly half of the SS divisions were formed from elements coming from Italy, Romania, Hungary, Finland, Slovakia, France, Croatia, Spain, Denmark, the Netherlands, and other countries,” he said. “Eleven states participated in the siege of my hometown, Leningrad. Alongside Germans and Finns, Italians, Norwegians, Spaniards, Romanians, Belgians, Dutch, and those from the Baltic countries attempted to destroy the people of Leningrad. Now, their descendants are hypocritically aiding Kyiv in attacking St. Petersburg with unmanned aerial vehicles.”

He dismissed the historical neutrality of certain European states as “merely formal.”

“The Swedes provided strategic raw materials and industrial products to the Germans; the Portuguese sold tungsten,” Patrushev said. “The neutrality of Switzerland is an entirely different matter. Gold bars melted down from the jewelry and gold teeth of prisoners murdered in concentration camps are still stored in the vaults of Swiss banks. Meanwhile, Irish Prime Minister Eamon de Valera went to the German embassy in May 1945 to offer his condolences following the death of Hitler.”

Patrushev characterized the decisions of Finnish leader Carl Gustaf Emil Mannerheim and King Michael I of Romania to withdraw their countries from the Axis alliance as strictly pragmatic, forced steps.

“Mannerheim and Michael made forced decisions to switch to the side of the Soviet Union when Soviet troops reached the borders of their countries,” Patrushev said. “On our territory, the Finns acted in a more bloodthirsty manner than the Germans. Despite this, the Soviet Union showed magnanimity; the political regime in Finland was preserved, and the King of Romania was honored with the Order of Victory, the highest military decoration of the Soviet Union. Of course, the steps of these leaders were not sincere repentance, but pragmatic decisions. Yet, it must be acknowledged that they chose the path of saving their countries from complete destruction. Today’s Europeans need to learn at least common sense from them.”

“Watching Baltic states pull the whiskers of a cat with nuclear claws”

When asked whether similar pragmatic leaders would emerge in contemporary Europe, Patrushev warned of potential catastrophe.

“Either these leaders will be found, or Europe will be dragged into a disaster,” he replied. “For now, events are developing according to the second scenario, and some European countries are practically unable to sit still. It may be a somewhat crude expression, but when I watch the mice in the Baltic states pulling the whiskers of a cat that has nuclear claws, this is precisely the impression I get.”

Patrushev described aggressive statements from Lithuanian officials regarding the Russian exclave of Kaliningrad as the work of “pathologically troubled people.”

“It is clear that Lithuanian politicians want to drag the whole of Europe into this adventure,” Patrushev warned. “However, they cannot fail to understand that in the event of an attack, Lithuania’s peaceful, carefree life and sovereignty will come to an end first. Nevertheless, the Vilnius administration is deliberately pouring oil on the fire.”

Patrushev noted that he maintains contact with several childhood friends living in Lithuania. “I meet with my friends, and they all say with one voice that their own government does not represent national interests, but is instead rapidly turning the country into a colony of Brussels.”

Asserting that ordinary Europeans do not harbor hatred toward Russia, Patrushev urged the Baltic populations to study their own history.

“Europeans, especially the British, are the founders of racism,” Patrushev said. “The first racists did not consider the Baltic peoples to be human beings and practiced hatred against them. Do you think something has changed today? A graduate of Eton College in Britain will never view an Estonian or a Latvian as an equal.”

“Rescuing our brothers under neo-Nazi occupation in Ukraine”

Patrushev accused modern Europe of participating in the destruction of the Slavic population by backing Ukrainian forces, whom he characterized as neo-Nazis. “In fact, European neo-Nazis are making every effort to create a kind of Fourth Reich out of the European Union,” he said, adding that the deaths of children in Ukraine under the current administration remain a stain on the conscience of their Western supporters.

Describing the humanitarian situation in Ukraine as critical, Patrushev said:

“As part of the special military operation, we are also fighting for the future of the Ukrainian people. The Ukrainian population has literally been brought to the brink of survival. Half of the country has been turned into a massive barracks, and the other half into a concentration camp. The population has fallen from 52 million to 22 million. The majority of Ukrainians do not want to fight and do not view Russia as an enemy, but they have no right to make their voices heard. Neo-Nazi groups supported by London and Brussels keep the population in fear and completely control Zelenskyy. Today, we are fulfilling the mission of saving our brothers who have come under neo-Nazi occupation in Ukraine. Of course, the heirs of Goebbels habitually turn everything upside down, telling tales that Moscow has supposedly occupied Ukraine.”

Patrushev rejected historical assertions that the Soviet Union occupied Eastern Europe, arguing instead that the USSR brought peace and stability to the region. He claimed that many countries within the socialist bloc enjoyed higher living standards than the Soviet Union itself and built modern industries with Soviet assistance.

Addressing Western criticism of Soviet military interventions in Hungary in 1956 and Czechoslovakia in 1968, Patrushev said: “The Soviet Union resorted to force only in response to terror. In Hungary, angry crowds were tearing their own citizens apart in the streets. In Czechoslovakia, any loss of life among the civilian population was prevented. By contrast, I have not heard a single word of thanks from the West for the fact that the Soviet Union voluntarily permitted the reunification of Germany without bloodshed and without demanding any reparations.”

“We must be under the enemy’s nose without waiting for NATO ships”

Turning to Russia’s geopolitical position in a multipolar world, Patrushev emphasized maritime strength as a prerequisite for great-power status.

“In the world, there will be as many poles as there are great maritime powers,” Patrushev said. “If we want Russia to remain a great power and a true center of power, we must strengthen our positions on the seas. The experience of recent years shows that the security of maritime trade and our maritime borders is a primary condition for our country’s prosperity and stability. I believe that Russia will always be a great maritime power.”

Patrushev highlighted Russia’s unique geography as a critical asset. “Russia is the largest country in the world by surface area. However, we cannot develop and protect these vast territories without securing strong positions on the seas, developing distant maritime routes, and ensuring robust cabotage and inland waterway transport. Russia simultaneously faces the Atlantic, the Arctic, and the Pacific Oceans. We also open up to the Indian Ocean via the Caspian Sea and the North-South corridor, which is currently being developed. No other country in the world possesses this unique geography. Therefore, we can and must be a bridge in maritime trade between four oceans.”

He recalled that during World War II, the Soviet Baltic and Black Sea fleets were blockaded, but argued that strategic defeat was averted due to the sacrifices of Soviet sailors.

To prevent the Baltic Fleet from facing a similar containment strategy today, Patrushev called for an active maritime posture.

“Western strategists have analyzed the experience of world wars well and hope to pin our fleet back to its bases again, blockading it and forcing it to break through this blockade at the cost of heavy losses. This must not be allowed to happen again. The Baltic and Black Seas carry the main volume of our maritime trade. We have indications that the West is working not only on blockade scenarios but also on preemptive strike scenarios against our bases. Therefore, it is extremely important for the navy to be combat-ready and capable of combating threats such as mines, unmanned vehicles, and cyberattacks. We are detecting and neutralizing magnetic mines placed under some merchant ships arriving at our ports. We suspect these mines were attached in European ports.”

Patrushev advocated for an assertive naval doctrine based on historical precedents.

“Our navy, through its training and determination, must seize the initiative and impose its will on adversaries on opposing shores,” Patrushev said. “Remember the famous testament of Admiral Ushakov: ‘Close range to the enemy is the best tactical method.’ We must not wait for NATO ships, aircraft, and unmanned vehicles to arrive at our borders. On the contrary, we ourselves must be located right under the potential enemy’s nose. A good example of this was when our navy escorted merchant ships in the English Channel, off the coast of Britain. At that time, no British ship or aircraft dared to obstruct our convoy.”

To project Russia’s historical maritime role globally, Patrushev announced that the Maritime Humanitarian Research Center had been established within the Russian State University for the Humanities by presidential decree.

He described the Northern Sea Route as the product of a century of national effort, while acknowledging the contributions of foreign sailors who delivered aid to the Soviet Union via Arctic convoys.

“In 2017, when a monument in memory of the Arctic convoy sailors was unveiled in Iceland, our family was invited,” Patrushev said. “My brother Viktor and his wife Tatyana traveled to the capital, Reykjavik, where they were received with great respect. A few kilometers north of the Icelandic capital, in Hvalfjörður, where the allies formed their convoys, stands a monument called the Hope of Peace.”

Patrushev shared that World War II left deep scars on his own family. During the siege of Leningrad, his infant sister, Larisa, died of starvation.

His mother, Antonina Nikolayevna, served as a nurse during the Soviet-Finnish War and World War II, treating wounded soldiers in the hospitals of the 23rd Army, for which she was awarded the Order of the Patriotic War, Second Class, and four medals.

His father, Platon Ignatyevich, served as an officer on destroyers and warships in the Baltic and Northern fleets, participating in convoy escorts. He was awarded the Order of the Patriotic War, First Class, and two Orders of the Red Star.

His father, who retired with the rank of Captain First Class, miraculously survived the sinking of the destroyer Deyatelny, which was torpedoed by a German submarine near the end of the war. Patrushev noted that his own decision to study shipbuilding engineering was heavily influenced by these family ties and his father’s career.

After graduating from the Leningrad Shipbuilding Institute, which Patrushev described as offering world-class instruction, he worked in a specialized design bureau developing projects for Soviet military intelligence.

“In the nineties, Russia was indeed on the verge of collapse”

Reflecting on his career in Soviet and Russian intelligence, particularly during the 1990s, Patrushev described the post-Soviet transition as exceptionally perilous.

“The West was preparing to feast on the ruins of our country,” Patrushev said. “They believed that following the collapse of the Soviet Union, Russia would also disintegrate. They decided to achieve this using the forces of international terrorism. In all the positions I held, I had to fight this threat first and foremost.”

Patrushev accused Western intelligence services of systematic interference in Russian internal affairs during that era.

“They financed thousands of non-governmental organizations, media outlets, provocateurs, and outright traitors; they rewrote history and attempted to pit brotherly peoples, especially Slavs, against one another,” he said. “They aimed to divide and destroy not just the country, but the entire Russian world. We had to exert truly colossal efforts to preserve Russia. In the nineties, Russia was indeed on the verge of collapse.”

Regarding his decoration as a Hero of the Russian Federation by President Boris Yeltsin in 1999, Patrushev remarked: “I view this high award as an acknowledgment of the massive contribution made by thousands of my colleagues to preserve the existence, state structure, and territorial integrity of our country.”

Patrushev recalled that the counter-terrorism campaign in the North Caucasus entered its active phase in 1999, asserting that Western powers backed militants seeking to fragment Russia.

As Director of the FSB, Patrushev said he received real-time intelligence reports identifying the locations of militant training camps, their financial pipelines, and the names of dozens of European intelligence officers supplying weapons to the insurgents.

By 2001, coordination of the counter-terrorism operations in the region was fully transferred to the FSB.

Citing the operation to clear Gudermes of militants, Patrushev said: “Military officials at the time proposed a direct assault on the city, but in the end, our plan was accepted. The city was cleared of terrorists without a single shot being fired, preventing heavy casualties and saving the city from destruction.”

He stated that intelligence operations and negotiation efforts led several key figures, including the Yamadayev brothers, to lay down their arms and join the federal forces. Patrushev praised the role of the late Mufti of Chechnya, Akhmad Kadyrov, in ending the conflict, adding that Kadyrov had raised his son, Ramzan Kadyrov, to be a patriot.

Patrushev also highlighted the role of the FSB Special Purpose Center in operations that neutralized high-profile militant commanders, including Aslan Maskhadov, Arbi Barayev, Shamil Basayev, and Khattab, as well as the capture of Salman Raduyev.

Addressing criticisms surrounding the response to the 2002 Moscow theater hostage crisis, Patrushev said:

“Yes, there should have been no loss of life. Of course, the situation was extremely complex. The terrorists had penetrated almost to the center of our country; they were well-armed and had received instructions from their Western handlers to carry out maximum acts of terror to create instability and execute a coup in Russia. We immediately established an operational headquarters, and I reported every step to the President. We located a building in Moscow with a layout similar to the theater building and conducted hostage rescue rehearsals there with Special Purpose Center units. Following these preparations, the operation was launched. The operation was successfully executed, and the terrorists were neutralized before they could detonate any bombs. However, lives were lost. While the FSB units worked with extreme professionalism, there was a lack of similar coordination among other agencies. After the terrorists were neutralized, the rescue teams tasked with assisting the hostages failed to coordinate as they entered the hall. Consequently, panic ensued, and the antidote could not be administered to everyone in time, while some hostages received a double dose. This is why the casualties occurred.”

Patrushev added that necessary lessons were drawn from the tragedy, noting that the Ministry of Emergency Situations, currently led by Aleksandr Kurenkov, operates with significantly higher professionalism today.

Concluding the interview, Patrushev summarized his core personal philosophy: “In every post, I believe one must be useful to one’s country and people. We must preserve the memory of our great history and look to the future. In building the future, we must care for the new generations and pass on our experience to them. The greatest happiness is for young people to choose maritime professions and, through this path, acquire love for the motherland. The greatest spiritual value of the Russian person has always been love for the motherland.”

Continue Reading

Russia

Russia and US to sign agreement on Bering Strait tunnel design at St. Petersburg forum

Published

on

Russia and the US are set to sign an agreement to move forward with the design of a tunnel planned to connect Russia with Alaska across the Bering Strait, according to Kirill Dmitriev, the Special Representative of the Russian President and Chief Executive of the Russian Direct Investment Fund (RDIF).

Speaking to journalists at the St. Petersburg International Economic Forum (SPIEF), Dmitriev announced that an agreement would be signed today during the forum to secure continued work on the design of the tunnel, adding that further news regarding the project would be shared tomorrow.

Dmitriev stated that the tunnel would be built in accordance with these plans, describing the initiative as one of the major infrastructure projects between Russia and the US.

Dmitriev first spoke publicly about the project last year. In an interview with CNN, he noted that political challenges would first need to be overcome for the project to be realized, but suggested that the tunnel could ultimately serve as a “symbol of unity” between Russia and the US.

In October last year, the RDIF head extended a public invitation to billionaire entrepreneur Elon Musk to participate in the Bering Strait tunnel project, proposing that the structure be named the “Putin-Trump” tunnel.

In a post on the social media platform X, Dmitriev urged people to imagine a 70-mile “Putin-Trump” tunnel linking the US and Russia, as well as the Americas and Afro-Eurasia. He framed the project as a symbol of unity, calling on both nations to build the future together and connect the continents for the first time in human history.

According to calculations presented by Dmitriev, the implementation of the project could cost approximately $65 billion. However, he projected that the total cost could fall below $8 billion if technology from Elon Musk’s Boring Company is utilized.

Dmitriev also emphasized that the Russian Direct Investment Fund stands ready to participate in financing the construction phase of the project.

US President Donald Trump previously characterized the tunnel concept as interesting.

Trump stated that he had only recently heard of the proposal to build a tunnel from Russia to Alaska and had not encountered the idea before. He noted that the US was in the process of building a major highway in Alaska at the time, which would grant access to significant mineral resources.

Trump is known to look favorably upon projects that carry his name. In January, he informed Chuck Schumer, the Democratic leader in the Senate, that he was prepared to release billions of dollars in federal funding for the Gateway tunnel project under the Hudson River in New York.

In exchange for releasing the funds, Trump conditioned his approval on Schumer agreeing to rename Penn Station in New York and Dulles International Airport in Washington in his honor.

Continue Reading

Russia

Russia signs trillions of rubles in industrial and infrastructure deals at St. Petersburg forum

Published

on

The 29th St. Petersburg International Economic Forum (SPIEF), Russia’s premier business and investment event, opened its doors on June 3.

Held annually in the northern capital since 1997—with the sole exception of 2020 due to the COVID-19 pandemic—the forum has been conducted under the auspices and with the personal participation of the Russian President since 2006. Below is a detailed overview of the forum’s key metrics in recent years and the largest landmark agreements signed on its sidelines.

More than 20,000 participants from over 130 countries and territories are expected to attend SPIEF-2026. To mark the 100th anniversary of the establishment of bilateral diplomatic relations, Saudi Arabia will serve as the guest country at this year’s forum.

This guest status was granted to Bahrain last year, and to Oman in 2024. The Saudi Kingdom’s delegation will be led by Minister of Energy Prince Abdulaziz bin Salman.

According to data from the Roscongress Foundation, the forum’s organizer, the event in 2025 set an all-time record, drawing 24,200 participants from 144 countries.

Alongside the growth in overall attendance, the number of Russian and foreign corporate executives visiting the forum has steadily risen in recent years. Last year, the number of company representatives surpassed 8,700, exceeding the 8,300 recorded the previous year and the 1,700 registered in 2022.

SPIEF is increasingly functioning as an active platform for establishing direct business connections. According to a joint survey conducted by Roscongress and the Russian Public Opinion Research Center (VCIOM), in 2022 only 29% of participants stated that their primary objective at the forum was to establish relations with key partners. By 2025, this figure rose to 44%.

Furthermore, the share of participants who reported having already successfully established such connections at the time of the survey grew from 12% in 2022 to 27% in 2025.

Excluding commercial secrets and agreements where transaction values were not disclosed, deals with a cumulative value exceeding 47.5 trillion rubles have been signed within the framework of SPIEF since 2007.

The year 2013 remains a record period in the forum’s history for the total volume of transactions, with 102 agreements signed for an aggregate value of 9.6 trillion rubles. The largest transaction of that year, and indeed in the history of SPIEF, was a $270 billion long-term crude supply agreement signed between Rosneft and China National Petroleum Corporation (CNPC).

In 2025, participants signed 1,084 agreements worth a combined 6.48 trillion rubles. This followed the 2024 forum, which saw the signing of 1,073 agreements valued at 6.49 trillion rubles.

The largest project secured during SPIEF-2021 was an agreement to construct an integrated gas processing and petrochemical complex in Ust-Luga, valued at 868 billion rubles. The deal was signed by the Governor of the Leningrad Region, Aleksandr Drozdenko, and the Director General of Rusgazdobycha JSC, Konstantin Makhov.

The construction of the complex is being carried out by Gazprom and Rusgazdobycha, through their joint operating company Ruskhimalliance. The ethane-rich gas processing facility will process 45 billion cubic meters of gas annually, with liquefied natural gas (LNG) output reaching 13.1 million tonnes. Feedstock for the project will be sourced from the Nadym-Pur-Tazovsky region. The first phase of the gas processing complex is scheduled for commissioning in 2026, while the first phase of the LNG plant is planned to go online in 2027.

At the same 2021 forum, Russkaya Platina, VEB, and VTB signed a memorandum of intent for the development of the Chernogorskoye mineral deposit in the Krasnoyarsk Krai, representing a total investment of 570 billion rubles.

The initial construction cost of the first phase of the mining and processing plant, designed to process 7 million tonnes of copper-nickel ore annually, was projected at 190 billion rubles at the time, but later rose to 240 billion rubles. Due to the impact of international sanctions, the commissioning date of the plant has been postponed to the second half of 2026.

In 2022, several large-scale transactions were executed. The Russian firm New Land Grain Corridor and the Chinese state enterprise China Chengtong International Investment signed a contract to supply Siberian grain to China and develop a network of grain elevators across the Urals, Siberia, and the Far East. The total value of the agreement was set at approximately 1 trillion rubles, with shipments commencing at the end of May 2023.

During the same 2022 St. Petersburg forum, Sber and DOM.RF signed a memorandum of understanding to issue up to 1 trillion rubles in mortgage-backed securities over the 2022–2025 period, marking a record level of securitization in the Russian financial market. This target was achieved in December 2025.

Another major transaction was a five-year credit facility of up to 630 billion rubles signed between Russian Railways (RZD) and VTB. This agreement enabled the partial substitution of European financing sources and allowed the continued modernization of transportation infrastructure.

The largest transaction of SPIEF-2023 was an agreement between Russian Aluminium Management JSC (a subsidiary of Rusal) and the government of the Leningrad Region to construct a two-phase alumina refinery in the region. The project encompasses four technological alumina production lines, a deep-water port and associated port infrastructure, a red mud storage area, energy infrastructure, and auxiliary facilities.

The planned investment in the project was announced at 400 billion rubles, with the first phase targeted for commissioning in 2028. The construction of the facility is intended to help meet the domestic aluminum industry’s demand for raw materials from domestic sources.

Additionally, the Leningrad Region signed a cooperation agreement valued at 323.2 billion rubles with the Samolet Group. Under the terms of the 11-year contract, 2.26 million square meters of housing are scheduled for construction in the region. The developer is also committed to building 13 kindergartens and eight schools by 2034.

During the 2024 forum, VEB.RF and RusHydro signed an agreement to cooperate on the modernization of thermal power plants in the Russian Far East.

A total of six projects will be financed: the expansion of the Partizanskaya state district power station (GRES), the construction of the second phase of the Neryungrinskaya GRES, the reconstruction of the Vladivostokskaya heat and power plant (TETs-2), and the construction of the Artemovskaya TETs-2, Khabarovskaya TETs-4, and the second phase of the Yakutskaya GRES-2. The cumulative electrical capacity of the new or modernized power facilities will reach 2,100 MW, with a total investment volume of 650 billion rubles.

Within the framework of SPIEF-2024, the government of the Tomsk Region also signed a major 10-year contract worth 500 billion rubles. Under the agreement, Sibagro JSC will construct a new district on the left bank of the Tom River, which will feature residential, commercial, educational, sporting, and cultural facilities.

The largest agreement of 2025 was a memorandum of cooperation on public-private partnership (PPP) projects signed between VEB.RF and the Natsproektstroy Group. Under this framework, investments of approximately 1 trillion rubles are projected through 2030.

The allocated capital will be directed toward the construction of major bridge crossings, urban bypass roads, the development of trunk infrastructure, and the expansion of sea and river ports. In total, VEB.RF signed 12 agreements worth 1.6 trillion rubles during SPIEF-2025.

Other significant transactions during the 2025 forum included a credit line agreement with a limit of up to 4000 billion rubles established between RZD and Alfa-Bank to finance the development of railway infrastructure.

During the same period, the St. Petersburg administration and the United Shipbuilding Corporation reached an agreement to modernize the Severnaya Verf shipyard in St. Petersburg, drawing 300 billion rubles in investment through 2030.

Continue Reading

MOST READ

Turkey