Russia plans to run budget deficits for the next three years with a combined shortfall of nearly 16 trillion rubles
The Russian government has submitted a draft federal budget for 2027–2029 to the State Duma. Prime Minister Mikhail Mishustin signed the order, TASS reported.
Russia plans to run budget deficits for the next three years, with a combined shortfall of nearly 16 trillion rubles, according to the government's draft federal budget for 2027-2029. The deficits, projected at 5.5 trillion rubles in 2027, 5.1 trillion in 2028, and 5.3 trillion in 2029, account for about 2% of GDP each year. The priorities outlined in the budget include meeting social welfare obligations, supporting those involved in the "special military operation," ensuring defense and security needs, advancing healthcare and education, and maintaining technological leadership.
The government's plan does not mention any cuts to social spending or increases in military spending, according to The Bell. The proposed measures include a higher tax rate on passive income and a 22% value-added tax on goods purchased through cross-border e-commerce.
Brief written by urgent.news from Meduza (English)'s own syndicated text. Machine-written — may contain errors; check the original before relying on it.
