Ministry of Finance (Russia)

The Ministry of Finance of the Russian Federation (Russian: Министерство финансов Российской Федерации), also known as MinFin (Минфин России), is a ministry of the Government of Russia responsible for financial policy and general management in the field of finance.

Ministry of Finance, MinFin
Минфин России

Headquarters of the ministry in Moscow
Agency overview
FormedOctober 24, 1780, as Expedition of state revenues
Preceding agency
JurisdictionFederal government of the Russian Federation
HeadquartersIlinka Street 9, Moscow
55°45′19″N 37°37′35″E
Annual budget1611.8 billion rouble (FY 2011)
Agency executives
  • Anton Siluanov, Minister of Finance
  • Sergei Shatalov, State Secretary-Deputy Minister of Finance
  • Roman Artyukhin, Federal Treasurer of Russia
Child agencies
Websiteminfin.gov.ru
Seal of the Russian Ministry of Finance on coin

The Ministry of Finance was formed from the Ministry of Finance of the USSR in 1992 and claims descent from the Ministry of Finance of the Russian Empire first established in 1780. It is headquartered at Ilinka Street 9 in Tverskoy District, Moscow.[1]

Anton Siluanov has served as the Minister of Finance since September 2011.

History
See also: Ministry of Finance (RSFSR) and Ministry of Finance (Soviet Union)

The Treasury Governing body in Russia was established by Imperial Decree of 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.

Manifesto of the Emperor Alexander I "On approval of the Ministries" was founded several ministries, including Ministry of Finance of the Russian Empire.[2]

In the Soviet Union, the Ministry was renamed as the Ministry of Finance (MOF USSR), which combines the Treasury of the Soviet republics, in particular the Ministry of Finance of the RSFSR.

The Ministry of Finance of the Russian Soviet Federative Socialist Republic was part of the Council of Ministers of the RSFSR and was under the authority of the Soviet Ministry of Finance under The Council of Ministers of the USSR, the official name of the Soviet government.

By Decree of the President of the RSFSR from November 11, 1991 (Presidential Decree № 190) The Ministry of Finance was merged with the Ministry of Economy of and the new ministry was called the Ministry of Economy and Finance of the Russian Federative Republic. Under Resolution of the Government of the Russian Federative Soviet Republic (later the Government of Russia) from November 15, 1991 (Resolution № 8) the Ministry of Finance was liquidated and its businesses and organizations transferred to the Ministry of Economy and Finance of the Russian Soviet Federative Socialist Republic.[3]

From December 25, 1991, to February 19, 1992, the Ministry was called Ministry of Economy and Finance. By Presidential Decree of February 19, 1992 № 156, it was again divided into two ministries - the Ministry of the Economy and Finance Ministry.

Because of the 2014 Crimean crisis, a number of Western countries aimed sanctions at Russia, with personal financial transactions by certain Russian individuals proscribed. Among these sanctioned individuals were Arkady Rotenberg and Boris Rotenberg, who also happened to be shareholders of certain Russian banks. On 24 March, MasterCard and Visa declined to permit transactions at these banks for a number of hours, ostensibly because they had misinterpreted the sanctions document.[4][5][6] Anton Siluanov, then-current Minister of Finance, told reporters on 26 March that he had revived plans to develop a Russian alternative card payment system to cut its dependence on Visa and MasterCard after these disruptions in their service.[7] Siluanov said that "The payments restriction by Visa and Mastercard at one bank made us start thinking very seriously how we can secure ourselves against this kind of cases."[7] President Vladimir Putin agreed the next day in conference with legislators: "This wasn’t our decision. We need to defend our interests. And we’ll do that. It is really too bad that certain companies have decided on [...] restrictions.[8] I think this will simply cause them to lose certain segments of the market - a very profitable market."[9][10]

Structure

Departments
  • Department of administration and control
  • Department of budgetary policy and methodology
  • Department of tax policy and customs schedule
  • Department of state debt and state financial assets
  • Department of financial policy
  • Department of regional budgets
  • Department of regulation of state financial control, auditing, accounting and records
  • Law Department
  • Department of budgetary policy in the sphere of military and law enforcement service and the state defense order
  • Administrative Department
  • Department of budgetary policy in the sphere of social welfare and science
  • Department of budgetary policy in the sphere of state management, judicial and public service
  • Department of development and execution of federal budget
  • Department of international financial relations
  • Department of information technologies in the sphere of budgeting and state and local finance management
  • Department of budgetary policy in the sphere of transport, roads, natural resources and agriculture
  • Department of budgetary policy in the sphere of innovation, civil industry, energetics, communication and public-private partnership

Subordinate authorities

List of finance ministers
See also: List of finance ministers of Russia

Further reading

English
  • Steven Rosefielde, The Russian Economy: From Lenin to Putin, 2007, 260 p.
  • Nihon Sōgō Kenkyūjo, The Russian economy: from stability to growth, Hoshino Committee on Economic Reform in Russia - 1996, 78 p.
  • Robert C. Stuart, Paul R. Gregory, The Russian economy: past, present, and future - 1995, 146 p.
  • Joseph R. Blasi, Maya Kroumova, Douglas Kruse, Kremlin capitalism: the privatization of the Russian economy - 1997, 249 p.
  • Steve H. Hanke, Lars Jonung, Kurt Schuler, Russian currency and finance: a currency board approach to reform - 1993 - 222 p.
  • David Stuart Lane, Russian banking: evolution, problems and prospects, 2002 - 268 p.

Russian
  • Ivan Bloich / Блиох И. С. Финансы России XIX столетия (СПб., 1882)
  • Вестник Финансов, Промышленности и Торговли (1894 г., № 5 и 8; 1895 г., № 7; 1896 г., № 21).
  • Высшие и центральные государственные учреждения России, 1801—1917 гг. СПб., 2001. Т. 2.
  • История Министерства финансов Российской Федерации. В 4 т. Т.1. 1903 - 1917. М., 2002.
  • Министерство финансов //Экономическая история России с древнейших времен до 1917 г. Энциклопедия. Т.1. М.: РОСПЭН, 2008
  • Соловьев Я.В. Министерство финансов Российской империи в 1858 - 1903 гг.: организация и функционирование. Диссертация на соискание ученой степени кандидата исторических наук. М., 2003.
  • Соловьев Я.В. Министерство финансов Российской империи в начале царствования Александра II (1856 - 1862 годы)//Вестник Московского государственного областного университета. Серия «История и политические науки». 2004. №3.
  • Соловьев Я.В. Бюрократический аппарат Министерства финансов в пореформенную эпоху //Вопросы истории. 2006. №7.
  • Dmitry Tolstoi / Толстой Д. А., История финансовых учреждений со времени основания государства до кончины императрицы Екатерины II (СПб., 1848)
  • Д. Н. Шилов, Государственные деятели Российской империи 1802—1917. С.-Петербург, 2002.
  • Государственная власть СССР. Высшие органы власти и управления и их руководители. 1923—1991 гг. Москва, 1999.

References
  1. Home page. Ministry of Finance. Retrieved on 4 December 2010. "Contact information 109097, Moscow, Ilinka Str. 9" - Address in Russian: "109097, Москва, ул. Ильинка, д.9"
  2. History of Russian banking Archived 2012-07-23 at the Wayback Machine, Institute for Banking by the Association of Russian Banks
  3. Officially, between November 11, 1991, and February 19, 1992, the ministry was named Ministry of Economy and Finance the Russian Socialist Federative Soviet Republic (Russian Federation)
  4. Petroff, Alanna (March 24, 2014). "Visa and MasterCard resume service at two Russian banks". CNNMoney.
  5. Petroff, Alanna (March 21, 2014). "Visa, MasterCard and banks act on U.S. sanctions". CNNMoney.
  6. Neuman, Scott (March 21, 2014). "Declined: Visa, MasterCard Freeze Out Targeted Russian Banks". NPR.
  7. ""Russia renews plan for domestic alternative to Visa, Mastercard" 26 Mar 2014". Reuters.
  8. "Аудиторская компания Москвы - «Факультет социальных программ»". fspaudit.ru.
  9. "Putin 'sanctions' Visa, Master Card". www.euractiv.com. March 27, 2014.
  10. "Putin touts Russian proxy for Visa-MasterCard after sanctions". www.bloomberg.com.
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