The resources of pension and investment funds for mobilizing domestic savings are particularly important in attracting investment and carrying out large-scale privatization considering restrictions associated with the sectoral sanctions. With all the limitations and disadvantages, the existing...

During Q1 2016, the volume of the federal budget revenues shrank by 5.7 p.p. of GDP, in terms of expenditures the reduction hit 6.1 p.p. of GDP. Contraction of the revenue and expenditure part of the federal budget amounted to around 20% in real terms. Fall of revenues in Q1 2016 was due to...

In 2015, the federal budget was executed with a deficit of 2.7% of GDP (in 2014, 0.5% of GDP). Compared to 2014, revenues have fallen significantly – by 2.0 p.p. of GDP, expenditure volume has gone up slightly – by 0.2 p.p. of GDP. The year 2016 and the following medium-term period can...

In 2015, the federal budget was executed with a deficit of 2.7% of GDP (in 2014, 0.5% of GDP). Compared to 2014, revenues have fallen significantly – by 2.0 p.p. of GDP, expenditure volume has gone up slightly – by 0.2 p.p. of GDP. The year 2016 and the following medium-term period can...

Over 11 months of 2015, regional debt growth came to nearly 5% against the turn of the year. Municipal debt growth during the same period constituted 1.5%. By the period-end for the entire year, the debt volume will increase further. However, growth rates, most likely, will slow down compared to...

The new National Security Strategy preserved the pattern and logical shortcomings of the previous one. The new strategy was also published amid a dramatic economic slump and that immediately threw into question a number of its provisions. Lack of foundation in terms of the Strategy of Social and...

In January 2016, in the budgetary process the following events took place: Measures Aimed at Implementation of the Federal Law on the 2016 Federal Budget and the Rules of Placement of Federal Budget Funds in Deposits with the Vnesheconombank were approved by the Resolution of the Government of...

Late in December 2015 and January 2016, the following main amendments were introduced into the legislation: requirements to the procedure for and conditions of carrying out voluntary medical insurance (hereinafter, VMI) of foreign nationals who arrived in the Russian Federation to work on the...

Amid financial instability, the state is not recommended to increase any form of financial pressure. On the contrary, it is advisable to limit state obligations, cut state expenditures and preserve reserves. However, the burden on taxpayers is not reduced or reduced insignificantly and only in...

According to the data released by the Federal Treasury, by the period-end for January–December 2015 the federal budget revenues came to 18.2% of GDP down 2.2 p.p. of GDP against twelve months of 2014. For January–December 2015, the consolidated budget revenues of the RF subjects as a share...