Ministry of Economy & Finance

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The Ministry of Finance (Minfin) is a federal executive body responsible for drafting and implementing government policy and legal regulation in the field of budget, tax, insurance, foreign exchange, banking, credit cooperatives, microfinance, financial markets, public debt, auditing, accounting and reporting, the production, customs duties, customs valuation, formation and investment of pension funds, production and circulation of secured printing materials, financial support for public services, and other financial matters.

The Treasury Governing body in Russia was established by Imperial Decree of Her Highness Catherine II in October 24, 1780, as The Expedition of state revenues, which was, in fact, the beginning of the creation of state financial authority in Russia.

The Ministry is the supreme federal authority in revenue administration and governs a number of subordinate federal, intermediate, and local authorities such as the Federal Centre for Data Processing and Information Technology. The Ministry's wider portfolio includes public-law agencies and corporations such as the Federal Finance Regulator and Real Estate regulatory bodies.

To promote economic development, equitable distribution of national income, financial stability and national security through the efficient and prudent management of public finances, development and enhancement of the reliability of the financial system of the Russian Federation

In Russian politics, the Ministry of Economy & Finance beside the Interior, Foreign, Justice and Defence ministries is counted as one of the "classical portfolios" and form special commissions with the Executive Branch. The finance minister is the only cabinet minister who can veto a decision of the government if it would lead to additional expenditure.

The current Finance Minister is Alexei Kudrin. He assumed office on January 16 2002. He was nominated by Prime Minister Valeriya Kuzmina and is a well-respected economist.

Minister Kudrin served as a senior analyst under the Prime Minister's office between 1991-1994 and then as director of financial regulations between 1994 and 1999. As a seasoned civil he is bringing a wealth of experience and expertise to the role. He received both a Bachelor and Masters degree in Economics from Oxford University.

Having served as a career civil servant in the Ministry of Finance and in the Prime Minister's office, Minister
Kudrin oversaw important regulations which limited the disastrous effects of the Shock-Therapy doctrine. Kudrin was a staunch advocate against the measures. He has pursued a conservative financial policy since becoming Minister but has since 2003 begun to adopt more expansionist financial measures.

Alexei Kudrin​

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