Russia plans to run budget deficits for the next three years with a combined shortfall of nearly 16 trillion rubles
The Russian government has submitted a draft federal budget for 2027–2029 to the State Duma. Prime Minister Mikhail Mishustin signed the order, TASS reported.
The draft projects deficits of 5.5 trillion rubles in 2027, 5.1 trillion in 2028, and 5.3 trillion in 2029 — about 2% of GDP each year.
The budget’s stated priorities are meeting social welfare obligations, supporting those taking part in the “special military operation,” meeting defense and security needs, developing health care and education, and ensuring technological leadership.
The government’s press release makes no mention of planned cuts to social spending or an increase in military spending, The Bell reported.
Russia’s Finance Ministry submitted the draft budget for 2027–2029 to the government on September 24. It proposed a higher tax rate on passive income and a 22% value-added tax on goods purchased through cross-border e-commerce.
Reuters, which reviewed the document, reported that the 2027 budget called for record military spending of 17.1 trillion rubles.
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