Russia’s annual budget plan portrays subdued stimulus to cope with recession, larger deficits could lie ahead

Abstract

The government budget plan for 2023−2025 covers the entire consolidated budget, which incorporates federal, regional and local budgets plus state social funds. Publication of consolidated budget data was discontinued last spring after Russia’s outrageous military attack on Ukraine, but the plan drawn up by the Ministry of Finance (MinFin) still offers revenue and expenditure estimates for this year. Focusing on 2022 and 2023 is worthwhile as Russia’s war of attrition adds even more uncertainty to the 2024 and 2025 projections.