Page 72 - bne IntelliNews Russia OUTLOOK 2025

Main parameters Russian Federal BUdget 2019-2026, RUB bn
Year Revenue
% GDP
Oil and Gas Revenue
Base Oil & Gas Revenue
% GDP
% of Budget Revenue
Non Oil and Gas Revenue
% GDP
Expenditures
% GDP
Structural Balance
% GDP
Balance
% GDP
2019 2020 2021
20188.8 18719.1 25286.4 18.4 17.4 18.7 7924.3 5235.2 9056.5 4967.4 5557.6 5889.5
7.2 4.9 6.7
39.3 28 35.8 12264.5 13483.8 16229.9
11.2 12.5 12
18214.5 22821.6 24762.1
16.6 21.2 18.3
-251.8 -2995.9 -1558.5
-0.2 -2.8 -1.2
1974.3 -4102.5 524.3
1.8 -3.8 0.4
2022 2023
27824.4 28660.9 18.1 17.3 11586.2 8863.5 6508.9 8000
7.6 5.3
41.6 30.9 16238.2 19797.3
10.6 11.9 31118.9 31670.6 20.3 19.1 -8371.8 -2648.7 -5.5 -1.6 -3294.5 -3009.7 -2.1 -1.8
2024 2025
35026.7 35539.6 19.5 17.6 11504.3 11759.8 9683.2 9924.1
6.4 6.2
32.8 35.1 23522.4 21779.9
13.1 11.4 36622.1 34370.1 20.4 18 -1600 0
-0.9 0 -1595.4 -830.5 -0.9 -0.4
2026
34062.1 16.8 11414.7 9569.8
5.6
33.5 22647.5
11.2 35598.6 17.6
0
0 -1536.4 -0.8
Source: Russian Ministry of Finance, The Bell.
6.2 Debt and gross international reserves
Russia has some of the lowest debt of any major economy in the world. The deliberate policy of keeping debt low has effectively sanctioned-proofed the economy and it is highly unlikely that the debt will rise.
Russia is no longer able to borrow internationally thanks to FX sanctions and the Ministry of Finance has been very cautious in tapping domestic debt, although it has risen from RUB2.5 trillion a year to the RUB4 trillion of borrowing planned for 2024. The total outstanding OFZ treasury bills’ domestic debt is nearly entirely covered by the RUB19 trillion of liquidity in the Russian banking sector.
72 Russia OUTLOOK 2025
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