Russian Federation Council approves 2026-2028 federal budget

MOSCOW. Nov 26 (Interfax) - The Federation Council, the upper house of Russia's parliament, has passed the 2026-2028 federal budget.

The budget projects GDP at 235.067 trillion rubles and inflation of 4% or below in 2026. Federal budget revenues in 2026 will amount to 40.283 trillion rubles and expenditures to 44.07 trillion rubles, and the deficit will be 3.786 trillion rubles or 1.6% of GDP.

GDP forecasts for 2027 and 2028 are 255.498 trillion rubles and 276.346 trillion rubles respectively, with annual inflation at 4% or below.

Revenues in 2027 are planned at 42.91 trillion rubles, expenditures at 46.10 trillion rubles and the deficit at 3.186 trillion rubles or 1.2% of GDP.

Revenues in 2028 are planned at 45.869 trillion rubles, expenditures at 49.383 trillion rubles and the deficit at 3.514 trillion rubles or 1.3% of GDP.

The domestic public debt ceiling is 37.436 trillion rubles as of January 1, 2027, then 42.185 trillion rubles on January 1, 2028 and 47.412 trillion rubles on January 1, 2029.

External public debt is capped at $66.8 billion or 59.1 billion euros on January 1, 2027, then $63.9 billion or 57.6 billion euros on January 1, 2028 and $62.3 billion or 56.1 billion euros on January 1, 2029.

Windfall oil and gas revenues are forecast at 342.1 billion rubles in 2027 and 782.6 billion rubles in 2028.

The National Wealth Fund (NWF) is forecast at 13.637 billion rubles at the beginning of 2026, then 13.660 billion rubles at the beginning of 2027 and 13.837 billion rubles at the beginning of 2028.

Social welfare payments, benefits and pensions will amount to 2.089 trillion rubles in 2026, 1.582 trillion rubles in 2027 and 1.653 trillion rubles in 2028.

The average subsistence level across Russia for 2026 has been set at 18,939 rubles, including 20,644 rubles for the working population, 16,288 rubles for pensioners and 18,371 rubles for children.