Russian Federation Council approves federal budget law for 2023-2025

The Federation Council of Russia has approved the federal budget law for 2023 and the planned period of 2024-2025 at its meeting this Wednesday.

Russia’s budget expenditures will total 29 trillion rubles ($475.8 bln) in 2023, 29.4 trillion rubles ($481.6 bln) in 2024, and 29.2 trillion rubles ($478.3 bln) in 2025, according to the document. Revenues will stand at 26.1 trillion rubles ($427.5 bln) in 2023, 27.2 trillion rubles ($445.5 bln) in 2024, and 27.9 trillion rubles ($457 bln) in 2025.

The deficit in 2023 is projected at 2% of GDP (or around 3 trillion rubles ($49.3 bln)), with mainly borrowings planned to be used to cover it. Meanwhile, it is expected that the budget deficit will gradually go down to 0.7% in 2025.