Federal Budget Performance for Q1 2022

Sergey G. Belev – Head of Budget Policy Department of the Gaidar Institute for Economic Policy; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Tatyana V. Tischenko – Senior Researcher of the Gaidar Institute for Economic Policy; Senior Researcher of the Russian Presidential Academy of National Economy and Public Administration, Candidate of Economic Sciences (Moscow, Russia). Е-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

In the first three months of 2022, federal budget revenues increased by 4.2 p.p. of GDP compared to the same period of the previous year due to oil and gas revenues, reaching 31.2% of the projected annual volume. A moderate increase in federal budget expenditures by 1.5 p.p. of GDP in the first 3months of the current year relative to the 3 months of 2021 and the budget surplus of Rb 1140.5bn were additional factors of budgetary sustainability. Significant management solutions amid sanctions imposed on the country were the early repayment of the foreign debt, as well as the suspension of new borrowing.

Key words: federal budget, revenue, oil and gas revenues, non-oil and gas revenues, expenditure, taxes.

JEL-codes: H11, H50, H62, H63.