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The introduction of a new MET of 4.8% for Russian iron ore producers is expected to generate RUB114.8bn in tax revenue over 2022-24 and be pegged to Asian iron ore prices. Assuming a stable level of iron ore production in Russia, we estimate additional tax revenue of $4.3-5/t.
6.1.4 Budget dynamics - National Projects
In 2022, 2.7 trillion rubles are going to be spent on national projects, the year after that almost 2.8 trillion, and 2.9 trillion rubles are planned for 2024, the explanatory note to the draft budget said, Izvestia reported.
In total, over three years, allocations will reach 8.4 trillion, which is 340 billion, or 4%, more than previously planned.
At the same time, the financing of individual national projects will undergo drastic changes. Thus, spending on the Comprehensive Plan for the Modernization and Development of Trunk Infrastructure will be cut the most – by 39%, or 335 billion rubles.
The biggest chunk of the amount, about 230 billion rubles, was planned to be spent on the construction of the Moscow-Nizhny Novgorod-Kazan highway. However, those funds were already used during last year and 2019, the report said.
81 RUSSIA Country Report November 2021 www.intellinews.com