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Briefing

Russia: Fiscal Policy

Appears in: Europe, Macroeconomy, Russia, Russia, CIS and the Caucasus, Fiscal Policy

Critical Issues

Background:

Russia made a point of taxing its considerable oil profits and stuffing away a large portion of it in a "rainy day" stabilization fund when oil prices were high. In response to the credit crisis in late 2008, Russia enacted a large fiscal stimulus which expanded the non-oil deficit measurably. The bulk of the spending was on increased wages and pensions, which have fueled consumption. However, given the fiscal spending patterns, Russia is likely to run a fiscal deficit for the better part of a half decade.

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