Economics
Russian Finance Chief Demoted Amid Kremlin Spending Push
- Siluanov retains finance minister post in government overhaul
- Reduced role may mean Kremlin is planning fiscal easing
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President Vladimir Putin demoted the man seen as the architect of the tight-budget policies that have made Russian bonds an investor favorite, fueling expectations the Kremlin is planning a spending spree to boost living standards.
Anton Siluanov lost his role as first deputy prime minister, but retained his post as finance minister in the cabinet shake-up. The first deputy prime minister job went to Andrey Belousov, a Kremlin aide known for his advocacy of a greater state role in the economy, effectively making him Siluanov’s boss.