Additional Russian budget revenue from Hormuz situation may reach $13.61 bln

ST. PETERSBURG, June 5. /TASS/. Additional revenue for the Russian budget stemming from the situation in the Strait of Hormuz could reach 1 trln rubles ($13.61 bln), Russian Finance Minister Anton Siluanov said in an interview with the Vesti television program on the sidelines of the St. Petersburg International Economic Forum (SPIEF-2026).

"Indeed, oil prices at the beginning of the year were not particularly favorable for the budget, but market conditions have changed. We fully understand that this is temporary. Therefore, even the additional resources we may receive, if this price environment remains in place through the end of the year, could allow the budget to replenish the National Wealth Fund by around 1 trillion rubles," he said in response to a question about rising oil prices amid the situation in the Strait of Hormuz.

The 29th St. Petersburg International Economic Forum (SPIEF-2026) is taking place on June 3-6. This year, the event is held under the theme "Pragmatic Dialogue: The Path to a Stable Future." Saudi Arabia is the guest country at SPIEF. The forum program is dedicated to shaping a new model of global development amid the ongoing transformation of the world economy.

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 part of the cultural program, the Petersburg Seasons festival and the traditional SPIEF Sports Games will take place. This year, Russia’s national economic development institution VEB.RF is the title partner of SPIEF.

The Roscongress Foundation is the organizer of the St. Petersburg International Economic Forum. TASS is its official general information partner.