Page 77 - RusRPTFeb23

6.1.2 Budget dynamics - specific issues...
Russia spent around RUB5 trillion ($78bn) on the war in Ukraine in 2022
and the main budgetary issue for 2023 is how to fund at least the same spending. Among other options the Ministry of Finance intends to issue RUB3.5 trillion of OFZ domestic bonds to cover the bulk of the spending. It can also tap the National Welfare Fund for additional funds, but it is using its rainy day reserve sparingly as the war could go on for several years and the
77 RUSSIA Country Report February 2023 www.intellinews.com