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rebalance of reserves, where money accumulated by the Ministry of Finance in the form of oil export receipts, only happens periodically.
The fall is also surprising as thanks to the sanctions regime, the Kremlin has little to spend its money on at the moment. “The only thing that Russia is importing at the moment is money,” is a quip circulating on social media at the moment.
6.0 Public Sector 6.1 Budget
The just-unveiled parameters of the 2021-23 federal budget were generally in line with what was previously disclosed in the media.
Revenues are expected to climb to RUB18.8 trillion in 2021, up from RUB17.9 trillion in 2020, and then rise to RUB20.6 trillion in 2022 and RUBR22.3 trillion in 2023.
Expenditures will shrink to R21.5 trillion in 2021, down from R22.6 trillion in 2020. The higher spending this year was due to measures taken to combat the pandemic. Nominal expenditures are then slated to rise to R21.9 trillion in 2022 and to R23.7 trillion in 2023.
79 RUSSIA Country Report October 2020 www.intellinews.com