Category: Budget

Putin’s New Internet Czar Wants Apple and Google to Pay More Taxes

Budget, Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, United States, U.S.-Russian Relations
iPad file photo

(Bloomberg – bloomberg.com – Ilya Khrennikov and Stepan Kravchenko – February 8, 2016) When he’s not checking Gmail on his MacBook, Vladimir Putin’s new Internet czar can’t stop railing against American technology companies. Google, Apple Inc. and Microsoft Corp., collectively worth more than Russia’s gross domestic product, have all entered German Klimenko’s crosshairs since he was named Putin’s first Internet […]

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Putin Opens Asset Sales to Foreigners as Budget Gap Widens

Budget, Economy, Business, Investment, Trade, Foreign Policy, Security, Visas, Oil, Gas, Energy, Politics, Government, Protests, Elections
Empty Boardroom

(Bloomberg – bloomberg.com – Ilya Arkhipov and Andrey Biryukov – February 2, 2016) President Vladimir Putin will allow foreign investors to bid for stakes in some of Russia’s largest companies as the government prepares its most ambitious asset-sale program in years to close a widening budget gap. “Russia was and remains open for foreign investment and Russia is interested in […]

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Russians suggest state should save money on officials, not on social policy

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Kremlin and River

(Interfax – January 27, 2016) In the situation of the crisis, Russians support the idea of saving money on officials, but believe it is unacceptable to cut the costs of healthcare, social policy, science and education, sociologists have reported, citing a poll conducted by VTsIOM. The poll, which surveyed 1,600 people, in 130 populated areas in 46 regions, was conducted […]

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NEWSWATCH: “Russia’s pensioners squeezed as recession bites” – Financial Times

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Oil, Gas, Energy, Politics, Government, Protests, Elections, Sanctions
Diverse Paper Currency, Coins, Line Graph

The Financial Times covers the impact of Russia’s economic downturn on older Russians. Several Russian regions have over the past year been forced to suspend benefit payouts or stop the inflation indexing of public sector wages. … The dramatic slide in crude prices has slashed revenues from the export of oil and gas which account for more than half Russia’s […]

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Putin urges government to be ready for any economic scenario

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Diverse Paper Currency, Coins, Line Graph

(Interfax – January 13, 2016) Russian President Vladimir Putin has told the government to closely monitor changes in the economic situation and be ready for any turn. “We should be ready for any scenario,” he said at a meeting with Cabinet members. The president drew attention to how the situation changes on the markets. “I know that the government has […]

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NEWSWATCH Wall Street Journal: “Vladimir Putin Warns Government May Cut Budget Over Oil Price Fall. Russian president says peak of crisis is over, sees return to growth next year.”

Budget, Economy, Business, Investment, Trade, JRL NewsBlog, Oil, Gas, Energy
Diverse Paper Currency, Coins, Line Graph

The Wall Street Journal reports on Russian President Vladimir Putin’s December address, and prospects of Russian budget cuts prompted by oil-related economy downturns. … Putin said on Thursday that the government may have to cut the federal budget because of a plunge in oil prices, but tried to reassure Russians that the worst of the economic crisis was over. At […]

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Majority of Muscovites Support Truck Driver Protests – Poll

Budget, Politics, Government, Protests, Elections
Kremlin and Saint Basil's File Photo

(Moscow Times – themoscowtimes.com – December 11, 2015) More than 70 percent of Moscow residents aware of the ongoing protest by truck drivers support their action, a poll released Wednesday by the independent Levada Center indicated. While the majority of Muscovites are familiar with the protest, 21 percent of the capital’s residents said they had heard nothing about it, while […]

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Tax system in Russia to remain unchanged for next few years – PM

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Cash, Calculator, Pen

MOSCOW. Dec 9 (Interfax) – The Russian government is not planning to raise taxes in the country in the next few years, Russian Prime Minister Dmitry Medvedev said. “Currently a decision has been made, it was supported by the president, that we in the next few years will not touch the tax system in general and we will not touch […]

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Truckers’ Strike Won’t Lead to Political Change in Russia, Gontmakher Says

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, Transportation
Truck at Russian Border Crossing

(Paul Goble – Window on Eurasia – Staunton, December 7, 2015) Pro-Kremlin writers have argued that the deteriorating economic situation will lead Russians to willingly tighten their belts, and opposition ones have suggested that economic problems will lead to political protests and even regime change. But both are wrong, Yevgeny Gontmakher says. In a commentary today, the Moscow economic analyst […]

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Why are Russian truckers protesting? 10 questions and answers

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Map of Russia and Russian Flag adapted from images at state.gov

For over a month now, long-haul drivers in Russia have been engaged in a mass protest, staging rallies across the country, which have now reached Moscow. Truckers, especially those who are self-employed or work for small businesses, believe that the recently introduced additional toll for using federal highways will put their business on the brink of bankruptcy. (Russia Beyond the […]

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Truck Protests Signal New Kind of Social Activism

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Truck at Russian Border Crossing

(Moscow Times – themoscowtimes.com – Vasily Kolotilov – December 4, 2015) “I think I will set my car on fire soon. The tax will take us all down. I get 112 rubles a month in social payments for my kid – how am I supposed to raise him on that?” says Rasul, a truck driver from Russia’s North Caucasus republic […]

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Medvedev: Retirement age has to be raised sooner or later

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Two Babushkas file photo

(Interfax – November 11, 2015) Russian Prime Minister Dmitry Medvedev has for the first time definitively supported the future raising of the retirement age without saying when this decision may be made. At present, the retirement age in Russia is 60 years for men and 55 years for women. The Finance Ministry insists there is no other way to resolve […]

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Russian Military Spending to Increase by Less Than 1% Next Year

Budget, Military
Russian Mobile ICBM Parade File Photo

(Moscow Times – themoscowtimes.com – Matthew Bodner – October 27, 2015) Russia’s defense spending is set to increase by a modest 0.8 percent next year, falling far short of the estimated 10 percent annual budget increases required over the next five years to hit equipment modernization targets mandated by President Vladimir Putin. Russian military expenditure has been rising since 2011, […]

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Moscow’s Spending Cuts Undermining Russians’ Health and Reducing Life Expectancy

Budget, Economy, Business, Investment, Trade, Health, Epidemics, Substance Abuse, Politics, Government, Protests, Elections
Medical Symbol with Pole, Serpents, Wings, adapted from image at lanl.gov

(Paul Goble – Window on Eurasia – Staunton, October 21, 2015) Guzel Ulumbekova, the head of the Russian Association of Professional Medical Societies, says that the health and life expectancy of Russians is directly related to the amount of government spending on health care and that as this amount is falling, their health is suffering and their life expectancies are […]

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Russian MinFin adjusts revenue for 2016 budget to 13.74 trln rubles, spending to 16.1 trln rubles

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Anton Siluanov file photo

MOSCOW. Oct 22 (Interfax) – The Russian Finance Ministry has increased the parameters for the revenue and spending of the 2016 federal budget to 13.738 trillion rubles and 16.098 trillion rubles, respectively, Russian Finance Minister Anton Siluanov told journalists. “Revenue is 13.7385 trillion and spending is 16.0987 trillion rubles,” he said. Earlier the draft budget envisaged revenue of 13.57 trillion […]

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Calculating the Cost of Russia’s War in Syria

Budget, Economy, Business, Investment, Trade, Military, Politics, Government, Protests, Elections, Syria
Syria Map

(Moscow Times – themoscowtimes.com – Peter Hobson – October 21, 2015) Russian air strikes in Syria are costing Moscow up to $4 million per day, data collated for The Moscow Times by a defense think tank showed. The figures by IHS Jane’s show that bombing raids, supply runs, infrastructure and ground personnel – along with a salvo of cruise missiles […]

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Fitness training for dinosaurs; As austerity begins to bite, Russia’s state-owned firms are facing growing pressure to shape up

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, Sanctions
Diverse Paper Currency, Coins, Line Graph

(Business New Europe – bne.eu – Chris Miller in Moscow – October 15, 2015) Though Vladimir Yakunin was sacked from his post as head of state-owned Russian Railways back in August, the shock is still reverberating through Russia’s biggest and most powerful companies. A long-time friend of President Vladimir Putin, Yakunin was thought to be one of the most influential […]

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Finance Ministry’s Nesterenko: retirement age increase ‘inevitable’

Budget, Economy, Business, Investment, Trade, Pensions, Pensioners, Retirees
Two Babushkas file photo

KRASNOGORSK. Oct 9 (Interfax) – The interim decisions approved for next year in light of the budget deficit do not eliminate the need to raise the retirement age. The draft budget for 2016 approved by the government this week indexes pensions by just 4%, rather than the actual inflation rate in 2015 (about 12%), with an option to conduct a […]

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Medvedev: Russia must cut dependence on oil revenues

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Oil Wells File Photo

Speaking at a forum in Sochi, Russian Prime Minister Dmitry Medvedev has revealed that oil and gas revenues have provided for less than half of the federal Russian budget for the first time, and said the country must focus on reducing its dependence on oil through reforms, stimulating domestic manufacturing and cutting spending. (Russia Beyond the Headlines – rbth.ru – […]

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Achieving balanced budget at cost of its quality unacceptable – PM

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Dmitri Medvedev file photo

MOSCOW. Sept 24 (Interfax) – Russian Prime Minister Dmitry Medvedev believes that the structure and effectiveness of budget expenditures are no less important than balancing the budget. “The creation of comfortable conditions begins with ensuring macroeconomic stability. Low inflation and a balanced budget remain priorities for the country’s sustainable development. Inflation must be reduced to the level of 4% in […]

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Russian Options Narrow as Putin Looks to Exporters’ Windfall

Budget, Economy, Business, Investment, Trade, Oil, Gas, Energy, Politics, Government, Protests, Elections, Sanctions
Diverse Paper Currency, Coins, Line Graph

(Bloomberg – bloomberg.com – Olga Tanas, Andrey Biryukov – September 22, 2015) Russian President Vladimir Putin’s promises made as recently as last year may be the latest casualty of the collapse in oil prices. Putin instructed the government on Tuesday to study the possibility of steering into the budget some of the gains by exporters from ruble devaluation, without losing […]

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New tolls on heavy trucks to raise funds for road repairs in Russia

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, Transportation
Moscow Roads

Russia is to introduce a new system for collecting tolls from heavy trucks, with the proceeds – some 50 billion rubles ($896 million) a year – to go toward vital road repairs. Payment will be controlled by special gates set up on major highways. (Russia Beyond the Headlines – rbth.ru – Anna Kuchma, RBTH – July 28, 2015) Help may […]

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Russian Defense Industry Revenues Soar Despite Western Sanctions

Budget, Economy, Business, Investment, Trade, Military, Sanctions
Russian Soldiers Marching

(Moscow Times – themoscowtimes.com – Matthew Bodner – July 29, 2015) The Russian government bought defense equipment worth almost 2 trillion rubles ($33.2 billion) in 2014, Prime Minister Dmitry Medvedev said in April. Russia’s major defense industry enterprises shrugged off Western sanctions and a Russian economic slowdown to grow their revenues rapidly in 2014, according to a new global ranking. […]

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Pension Age for Russian Officials to Be Raised

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Kremlin and Saint Basil's File Photo

(Moscow Times – themoscowtimes.com – July 28, 2015) Russia’s Labor Ministry plans to raise the retirement pension age for state officials to 65 from 60, according to a statement published Monday, as the government scrambles to cut spending amid a recession. The Labor Ministry said it had drawn up legal amendments that would bar officials from receiving retirement pay before […]

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Russia Braces for Longest Recession in Decades With $50 Oil

Budget, Economy, Business, Investment, Trade, Oil, Gas, Energy, Sanctions
Oil Wells File Photo

(Bloomberg – bloomberg.com – Olga Tanas – July 22, 2015) For an economy that lives and dies by crude prices, the latest downturn in the world oil market means Russia’s recession may stretch into next year for the longest slump in two decades. Russia’s first economic slump since 2009 looked like it would plateau as oil gained 40 percent from […]

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Russian Military Struggling to Modernize

Budget, Military, Sanctions
Igla Missile Test Firing file photo

(Moscow Times – themoscowtimes.com – Anna Dolgov – July 17, 2015) The Russian military is failing to meet its plans for this year on re-equipping its armed forces with modernized weapons because of Western sanctions over the conflict in Ukraine and a decline of domestic industries, a deputy defense minister told President Vladimir Putin. Government defense contracts that have fallen […]

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Russians against Kremlin spending money on Crimea or World Cup

Budget, Economy, Business, Investment, Trade, Military, Sports, Olympics, World Cup, Ukraine, Russo-Ukrainian War
Men Sitting Around Long Oval Boardroom Table, File Photo of FIFA Officials Meeting with Vladmir Putin

(Business New Europe – bne.eu – Henry Kirby in London – June 4, 2015) [Charts here http://www.bne.eu/content/story/bnechart-russians-against-kremlin-spending-money-crimea-or-world-cup] An overwhelming majority of Russians are against state money for health and education being redirected toward other areas of the economy, according to a recent poll by the Levada Center. In the wake of announcements that Russia’s revised 2015 budget will increase defence […]

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Putin Declares War on Russians’ Health

Budget, Health, Epidemics, Substance Abuse, Human Rights, Politics, Government, Protests, Elections, Ukraine, Russo-Ukrainian War
Medical Symbol with Pole, Serpents, Wings, adapted from image at lanl.gov

(Bloomberg – bloomberg.com – Marc Champion – May 14, 2015) At what point will Russians begin to question the choices being made by their government? Maybe when those choices start killing them. As Bloomberg’s Ilya Arkhipov and Henry Meyer report, Russia’s health system has suffered a severe reversal as a lower oil price has reduced government revenue and spending. Forced to pick […]

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NEWSWATCH: Russia’s military budget may shrink 10 percent in 2015 – Rostec

Arms Trade, Military Aid, Budget, Economy, Business, Investment, Trade, Military, Sanctions, Ukraine, Russo-Ukrainian War
File Photo of Russian Tanks in Military Parade

[“Russia’s military budget may shrink 10 pct in 2015 – Rostec” – Reuters – Stanley Carvalho – Feb. 23, 2015] Reuters covers news that Russian defense spending might shrink this year, due to the impact of Ukraine-related sanctions. Finance Minister Anton Siluanov previously had said that 10 percent cuts to government spending would spare defense. But on Monday the head of […]

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Finance Ministry Eyes 10% Cuts to Russia’s State Spending as Economic Outlook Worsens

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Kremlin and Saint Basil's File Photo

(Moscow Times – themoscowtimes.com – October 28, 2014) With sanctions, oil price falls and the ruble devaluation making Russia’s official growth forecasts look increasingly overconfident, the Finance Ministry will draw up contingency measures to shave 10 percent off state spending in 2016 and 2017, business daily Vedomosti reported, citing undisclosed government sources. Such a drastic reduction in spending could save […]

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Oil drops below $80, implications for Russian budget

Budget, Oil, Gas, Energy
Oil Well file photo

(Business New Europe – bne.eu – October 28, 2014) The price of a barrel of Texan light dropped lower than $80 for the first time in two years, but Russia’s economy minister has retained its forecast for the next three years of the oil price remaining within the corridor of $90-$110, according to Interfax. “It is not possible to say with certainty […]

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Finance Minister: Russia Needs Backup Budget For Worst-Case Scenario

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Anton Siluanov file photo

(Moscow Times – themoscowtimes.com – Delphine d’Amora – October 24, 2014) Russia must create a contingency budget to counter the threat that Western sanctions, economic stagnation and low oil prices will dash the country’s hopes of restoring growth in the near term, Finance Minister Anton Siluanov said Friday. “A budget cannot constantly have expenses that were drafted in a different […]

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Russian Defense Budget to Hit Record $81 Billion in 2015

Budget, Military
Russian Nuclear Submarine file photo

(Moscow Times – themoscowtimes.com – October 16, 2014) Russia’s national defense budget for 2015 will reach a record 3.3 trillion rubles ($81 billion), or 4.2 percent of its national GDP, the head of the State Duma’s defense committee, Admiral Vladimir Komoyedov, was quoted as saying by the Interfax news agency on Thursday. The 2015 budget represents an 812 billion ruble […]

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Putin Aloof as Russia’s Economic Troubles Close In

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
File Photo of Vladimir Putin Seated at Desk

(Moscow Times editorial – themoscowtimes.com – October 8, 2014) Official documents published Monday show the Kremlin has scrapped the president’s annual budget address. President Vladimir Putin’s spokesman Dmitry Peskov told TASS that the set piece speech would, from now on, be folded into the state-of-the-union address, usually given in December. While Putin floated the idea of combining the two speeches […]

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Record fall in oil prices threatens Russian budget

Budget, Oil, Gas, Energy
Oil Well file photo

(Russia Beyond the Headlines – rbth.ru – Alexei Lossan, RBTH – October 7, 2014) The price of Brent oil has tumbled to $92.2 a barrel, placing the Russian federal budget in jeopardy. Russian analysts believe that the decrease in oil prices is related to demonstrations in Hong Kong, the strengthening of the dollar, as well as the drastic growth in […]

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RIA Novosti: Putin: Russia Has Reserves to Implement Budget Plans Regardless of Global Trends

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
File Photo of Cash, Coins, Line Graph

NOVO OGARYOVO (outside Moscow), October 3 (RIA Novosti) – Russia has enough reserves to implement all the tasks under the state budget regardless of global political and economic trends, Russian President Vladimir Putin said Friday. “We certainly have reserves to resolve the issues that could arise as a result of developments of the situation in the world and in Russia,” […]

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Russia Reduces Domestic Borrowing Plan Seeing Budget Surplus

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
File Photo of Cash, Coins, Line Graph

(Bloomberg – bloomberg.com – Vladimir Kuznetsov – May 19, 2014) Russia reduced its 2014 domestic borrowing plan by 46 percent as the world’s largest energy exporter expects to turn a fiscal surplus, Finance Minister Anton Siluanov said. The government lowered the fundraising target to 435 billion rubles ($12.6 billion) from 808 billion rubles, Siluanov told reporters in Moscow today. The […]

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Budget Figures Show Putin has Been Preparing for War for Four Years, Nemtsov Says

Budget, Military
File Photo of Russian Tanks in Military Parade

(Window on Eurasia – Paul Goble – Staunton, May 12, 2014) A government’s priorities and plans are most clearly shown in its budget, and over the last four years, the budgets Vladimir Putin has proposed and imposed are those of a leader preparing for war rather than someone concerned about the needs of the Russian people, according to Boris Nemtsov. […]

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Weak ruble could push Russian budget into surplus – report

Budget, Economy, Business, Investment, Trade
File Photo of Cash, Coins, Line Graph

(RIA Novosti – February 25, 2014) A weakening ruble could boost Russia’s federal income by $28 billion this year, pushing the treasury into surplus, according to a report published Tuesday by Moscow’s Higher School of Economics. The ruble has fallen by more than 7.5 percent since the beginning of the year against the dollar-euro basket used by the Central Bank […]

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Russian financial watchdog says regions lack funds to implement Putin’s orders

Budget, Politics, Government, Protests, Elections, Regions, Cities, Municipalities
Map of Russia

(RIA Novosti -January 29, 2014) The Russian regions do not have sufficient funds to implement the May [2012] orders of Russian President [Vladimir Putin], the Audit Chamber has said. The watchdog has come to this conclusion as a result of the monitoring of the regional situation. The most acute situation has emerged in connection with order No 600 about measures […]

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Putin Stays Firm on Fulfilling Promises

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
File Photo of Vladimir Putin at Valdai Club 2013 Meeting, Adapted from Screenshot of Valdai Club Video at youtube.com

(Moscow Times – themoscowtimes.com – Anatoly Medetsky – December 6, 2013) President Vladimir Putin on Thursday said the government would have to improve the country’s economic performance in order to fulfill his campaign promises. He also complained that his tap water was sometimes brown from rusty pipes. Putin’s decrees from May last year, which seek to raise living standards, have […]

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RIA Novosti: Russia Expects ‘Big Problems’ for Budget After 2016 – Finance Minister Siluanov

Budget, Economy, Business, Investment, Trade
File Photo of Cash, Coins, Line Graph

MOSCOW, December 6 (RIA Novosti) ­ Russia’s Finance Ministry predicted serious difficulties Friday for the budget in 2016 and 2017 as slowing economic growth means there will be insufficient funds available to honor spending commitments. Short term and long term growth forecasts for the Russian economy have been cut repeatedly this year, with officials warning Russia is entering a period […]

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Interfax: Russia’s defense spending to amount to 2.3 trillion rubles in 2013 – Putin

Budget, Military
Russian Nuclear Submarine file photo

SOCHI. Nov 29 (Interfax) – The Russian state is spending huge money on modernizing its armed forces, and therefore all goals that have been set must be attained, Russian President Vladimir Putin said. “The overall volume of the [Defense] Ministry budget in 2003 was 600 billion rubles, and this year, following the last adjustment of the budget, the expenditures on […]

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Most approved government programs inconsistent with Russia’s budget – auditor

Budget, Politics, Government, Protests, Elections
Tatiana Golikova file photo

MOSCOW. Nov 14 (Interfax) – The parameters of 40 Russian government programs approved in 2012-2013 are inconsistent with the budget plan for 2014-2016, the chairman of the Audit Chamber, Tatyana Golikova said in an interview published by Rossiyskaya Gazeta on Thursday. “This refers to 40 state programs approved by the government in 2012-2013, which were laid at the foundation of […]

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Introduction of Property Tax Postponed Until 2015

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, Taxes
Cash, Calculator, Pen

(Moscow Times – themoscowtimes.com – October 21, 2013) The introduction of the widely discussed new real estate tax that is set to replace the old system of levying fees on property with a market-oriented approach will not take place until 2015, a news report said. The bill was submitted to the government in August, but needs to be revised and […]

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New head promises changes to Audit Chamber

Budget, Corruption, Law, Police, Courts, Crime, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections
Tatiana Golikova file photo

(Interfax – MOSCOW, October 17, 2013) New Audit Chamber Chairman Tatiana Golikova says she plans to use her experience as a financier when planning changes to the work of the chamber. “I think there will be changes. If only because I have been professionally engaged in finance all my life and I have my own opinion on what to look […]

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RIA Novosti: Russian Government to Cull Federal Officials

Budget, Economy, Business, Investment, Trade, Politics, Government, Protests, Elections, Regions, Cities, Municipalities
File Photo of Dmitry Medvedev Before Gold Flag with Elaborate Design

(RIA Novosti – MOSCOW, October 13, 2013) ­ Russian Prime Minister Dmitry Medvedev has ordered a cull of federal officials in the regions ahead of an upcoming three-year state budget crunch. Medvedev did not give any estimates for the number of officials facing the sack in 2014-2015 in his order, published on the government’s website on Sunday. The cull, to […]

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