The Federal Budget for 2018-2020: Austerity Measures

Abstract

At present, the State Duma is reviewing the draft federal budget in 2018–2020, which is characterized by a conservative forecast of the price of oil, dramatic reduction of the expenditures as a result of new budget rules being applied and a high level of state borrowings. In addition, with the start of a new political cycle in 2018 it may be required to build up expenditures for solving the issues set by the country’s leadership.