The Russian government is estimating it will rake in up to 41 trillion Roubles in revenues ($516 billion) and spend up to 44 trillion Roubles ($570 billion) with a defence budget of up to 13 trillion Roubles ($157 billion). Russia’s defence budget for next year will be slightly lower than this year which was at around 15.5 trillion Roubles ($199 billion). Russia’s government expenditure is forecasted at 41 trillion Roubles this year but the actual is estimated to be higher.
The minimum wage has been set at 27,093 Roubles or $348.65 per month.
The share of defence and security spending is set to fall to 38% of total budget expenditure from a record 41% last year. It will amount to about 7% of gross domestic product. Russia is targeting an inflation rate of 4%.
Ukraine’s war on the Russian oil industry this year is expected to take a heavy toll on the government’s finances next year as oil forms part of the government’s bulk of tax revenues. The Russian Central Bank can also confiscate funds of big accounts to fund the war effort.
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