Page 39 - RusRPTAug23

A counter-proposal that would have included issuing more debt was reportedly opposed by the Central Bank for fear of limiting access to financing for the private sector. The fact that this is happening ahead of an election year shows how falling revenues and rapidly rising (though opaque) war-related expenses force the government to pull purse strings tighter, despite optimistic forecasts at the beginning of this year.
39 RUSSIA Country Report August 2023 www.intellinews.com