Russia's Federation Council approves budget for 2018-2020

Russia's Federation Council approves budget for 2018-2020

Russia's Federation Council passed the bill on federal budget for 2018 and the planned period of 2019-2020.

According to the bill, Russia’s budget revenues will amount to 15.26 trillion rubles ($256 bln) in 2018, 15.55 trillion rubles ($260 bln) in 2019, and 16.3 trillion rubles ($273 bln) in 2020.

Expenditures are planned at 16.53 trillion rubles ($277 bln) in 2018, 16.4 trillion rubles ($275 bln) in 2019, and 17.15 trillion rubles ($287 bln) in 2020. Federal budget deficit will total 1.3 trillion rubles ($21.8 bln) in 2018, 819.1 bln rubles ($13.7 bln) in 2019, and 870 bln rubles ($14.5 bln) in 2020.

The bill also envisions a transition to the new budget rule.

Russia’s State Duma passed the bill on federal budget for 2018 and the planned period of 2019-2020 on November 24.

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