The fiscal strategy cuts projections for both revenues and
spending, rowing back on fast spending growth that has helped
Russia to resist global economic weakness and smoothed President
Vladimir Putin’s return to the Kremlin.
It also targets a balanced budget by 2015, although a fiscal
rule being phased in to reduce the government’s dependence on
oil and gas taxes is far less strict than the one in place
before the global slump of 2008-09.
“Experts are already calling next year’s budget tough, and
probably with justification,” Prime Minister Dmitry Medvedev
told a cabinet meeting.