Russian government to cut spending by 10 percent after summer revenue slump

The Russian government is implementing a major budget sequester after the country’s largest revenue slump since at least 2011. Vedomosti, citing a source close to Russia's Cabinet of Ministers, reported that various government ministries and agencies have been notified by the Finance Ministry that spending for 2022-2023 will be cut by 10 percent.

According to the source, funding for a range of “unprotected budget items” will be cut, while pension payments, public sector wages, and healthcare will remain stable. Meanwhile, defense spending is slated to increase as military salaries are adjusted for inflation.