FACTBOX: Key takeaways from Russia's draft federal budget for 2027-2029 Russia's federal budget deficit for 2026 is projected at 3.2% of GDP, or $87.79 billion© Anton Novoderezhkin/TASSMOSCOW, October 1. /TASS/. Fiscal and monetary policy measures implemented to cool inflationary pressures have proven highly effective, according to the explanatory note to the draft federal budget for 2027-2029 submitted to the State Duma's electronic database. TASS has summarized the key highlights of the document: Economic situation - Fiscal and monetary policy measures designed to cool inflationary trends were quite effective. - Russia's federal budget deficit for 2026 is projected at 3.2% of GDP, or 7.335 trillion rubles ($87.79 billion). - Russia's total public debt is forecast to reach 53.9 trillion rubles ($645.08 billion) by the end of 2027, 61.1 trillion rubles ($731.24 billion) by the end of 2028, and 67.9 trillion rubles ($812.63 billion) by the end of 2029. - The share of domestic debt within the country's total public debt is set to rise progressively to 89.1% in 2027, 89.9% in 2028, and 91.3% in 2029. Finance Ministry plans and National Wealth Fund replenishment - The Finance Ministry plans to issue ruble-denominated bonds totaling 7.72 trillion rubles ($92.39 billion) in 2027, 7.43 trillion rubles ($88.92 billion) in 2028, and 8 trillion rubles ($95.74 billion) in 2029. - The ministry will allocate 51.5 billion rubles ($616.35 million) annually from 2027 to 2029 to purchase precious metals and gemstones for the State Fund (Gokhran). - The National Wealth Fund will be replenished by 1.082 trillion rubles ($12.95 billion) in 2027, 345.7 billion rubles ($4.14 billion) in 2028, and 379 billion rubles ($4.54 billion) in 2029. - Plans also include issuing foreign-currency government bonds worth up to $1 billion annually between 2027 and 2029. Budget revenues - Gambling tax revenues are projected at 36.6 billion rubles ($438.03 million) in 2027, 38.1 billion rubles ($456.00 million) in 2028, and 39.5 billion rubles ($472.74 million) in 2029. - Total oil and gas revenues flowing into the federal budget in 2027 are forecast at 7 trillion rubles ($83.78 billion). - The Finance Ministry expects budget revenues from state-company dividends to reach 838.4 billion rubles ($10.03 billion) in 2027, 914 billion rubles ($10.94 billion) in 2028, and 986 billion rubles ($11.80 billion) in 2029. - Value-added tax (VAT) revenues will amount to 20 trillion rubles ($239.36 billion) in 2027, 21.3 trillion rubles ($254.92 billion) in 2028, and 22.7 trillion rubles ($271.67 billion) in 2029. - Personal Income Tax revenues will total nearly 2 trillion rubles (nearly $23.94 billion) in 2027, and 1.3 trillion rubles ($15.56 billion) and 1.4 trillion rubles ($16.76 billion) in 2028 and 2029, respectively. - The Finance Ministry does not expect any revenue from the Bank of Russia's profits this year, whereas in 2027, such revenue could reach 216 billion rubles ($2.59 billion). - National Wealth Fund (NWF) assets held in accounts at the Bank of Russia are projected at 5.16 trillion rubles ($61.76 billion) by the end of 2027, 5.98 trillion rubles ($71.57 billion) in 2028, and 6.62 trillion rubles ($79.23 billion) in 2029. - Foreign borrowers may repay 193 billion rubles ($2.31 billion) to Russia in 2027, 209 billion rubles ($2.50 billion) in 2028, and 248.9 billion rubles ($2.98 billion) in 2029 toward the settlement of outstanding sovereign loans. - Budget revenues from state asset privatization will amount to 3.05 billion rubles ($36.50 million) in 2027, dropping to 231.6 million rubles ($2.77 million) in 2028, and 231 million rubles ($2.76 million) in 2029. - Non-repayable receipts from non-state organizations are expected to amount to 1.9 trillion rubles ($22.74 billion) annually from 2027 to 2029. - Revenues from fines, sanctions, and damage compensation are projected to rise to 397 billion rubles ($4.75 billion) in 2027, 446.7 billion rubles ($5.35 billion) in 2028, and 464.1 billion rubles ($5.55 billion) in 2029. Social sector spending - Approximately 1.78 trillion rubles ($21.30 billion) is earmarked for the "Education" sector for 2027. - Nearly 1.82 trillion rubles (nearly $21.78 billion) is allocated for the "Healthcare" national category for 2027. - The 2027 budget of the Federal Compulsory Medical Insurance Fund (FOMS) indexes salaries for doctors and mid-level medical personnel. - Insurance pension payments through the Social Fund will amount to 12.9 trillion rubles ($154.39 billion) in 2027. Mortgage programs - Subsidies for family mortgages are set at 785.8 billion rubles ($9.40 billion) for 2027, 471.7 billion rubles ($5.65 billion) for 2028, and 389.7 billion rubles ($4.66 billion) for 2029. - Subsidies for mortgages with rates of up to 8% are set at 232.5 billion rubles ($2.78 billion) for 2027, 107.1 billion rubles ($1.28 billion) for 2028, and 91.4 billion rubles ($1.09 billion) for 2029. - Subsidies for IT mortgages are set at 64.8 billion rubles ($775.53 million) for 2027, 41.1 billion rubles ($491.88 million) for 2028, and 35 billion rubles ($418.88 million) for 2029. - Subsidies for rural mortgages are set at 32.9 billion rubles ($393.75 million) for 2027, 21.9 billion rubles ($262.10 million) for 2028, and 18.8 billion rubles ($224.99 million) for 2029. - Subsidies for Far East and Arctic mortgages are set at 135.3 billion rubles ($1.62 billion) for 2027, 121 billion rubles ($1.45 billion) for 2028, and 130 billion rubles ($1.56 billion) for 2029. Shipping - Over 100 billion rubles ($1.20 billion) from the federal budget will be allocated for the development of the Greater Northern Sea Route between 2027 and 2029. - Plans are in place to allocate 388 million rubles ($4.64 million) in 2027, 408.2 million rubles ($4.89 million) in 2028, and 408.2 million rubles ($4.89 million) in 2029 for organizing regular shipping services along the Northern Sea Route. - Over 1.069 billion rubles ($12.79 million) will be allocated from the budget in 2027 to replace decommissioned vessels. - More than 26.7 billion rubles ($319.55 million) from the budget will be directed toward the construction of the lead nuclear-powered icebreaker of the "Leader" project in 2027. Security and Defense - Plans call for allocating over 17.147 trillion rubles ($205.22 billion) from the budget for national defense in 2027, nearly 16.608 trillion rubles ($198.76 billion) in 2028, and nearly 16.296 trillion rubles ($195.03 billion) in 2029. - The 2027 budget includes 11.7 billion rubles ($140.03 million) for allowances for contract military personnel and law enforcement officers. - Over 1.5 trillion rubles ($17.95 billion) is slated for allocation from the budget in 2027 to cover pensions for military personnel and their families. - Additionally, more than 1.5 billion rubles ($17.95 million) will be allocated from the budget in 2027 to support the operation of the unified registry of individuals liable for military service. - Plans are in place to allocate over 4.6 billion rubles ($55.05 million) next year to ensure Russia's chemical and biological security. - Over 5 billion rubles ($59.84 million) in budget subsidies are planned to be allocated to the Russian Voluntary Society for Assistance to the Army, Aviation, and Navy over the next three years: 2,385.8 million rubles ($28.56 million) in 2027, 1,377.1 million rubles ($16.48 million) in 2028, and 1,370.9 million rubles ($16.41 million) in 2029. - More than 62.5 billion rubles ($748.00 million) is planned to be allocated from the budget to the Defenders of the Fatherland Foundation during the 2027-2029 period. -The budget earmarks 3 billion rubles ($35.90 million) for a subsidy to Rosoboronexport for the 2027-2029 period. Space industry development - A budget allocation of over 337.646 billion rubles ($4.04 billion) is proposed for the development of space activities in 2027. - The government plans to allocate approximately 38.6 billion rubles ($461.96 million) from the budget in 2027 for the creation and operation of the Russian Orbital Station (ROS). A total of 136.72 billion rubles ($1.64 billion) is planned for this purpose over the 2027-2029 period. - Approximately 112.46 billion rubles ($1.35 billion) is proposed to be allocated from the budget in 2027 for the "Manned Spaceflight" federal project. - Also in 2027, a proposal has been made to allocate approximately 14.16 billion rubles ($169.47 million) for the development of space systems for lunar exploration. - Plans are in place to allocate over 20.4 billion rubles ($244.15 million) for the creation of a heavy-class space rocket complex at the Vostochny Cosmodrome. - Approximately 22.5 billion rubles ($269.28 million) is proposed for the development of Russian space nuclear power technologies in 2027. Information Technology Development - Approximately 1 billion rubles ($11.97 million) will be allocated from the budget in 2028-2029 for the development of critical technologies for 5G Advanced/6G communication network equipment. - The "Data Economy" national project may receive over 470 billion rubles ($5.63 billion) in budget allocations during 2027-2029. Transport The government plans to allocate funds for the implementation of the "Efficient Transport System" national project as follows: 185.139 billion rubles ($2.22 billion) in 2027, 118.9 billion rubles ($1.42 billion) in 2028, and 122.2 billion rubles ($1.46 billion) in 2029. Plans also include allocating over 1.75 trillion rubles ($20.94 billion) in 2027, 2.1 trillion rubles ($25.13 billion) in 2028, and 1.75 trillion rubles ($20.94 billion) in 2029 for the implementation of the "Development of the Transport System" state program. Regional Development - Over 269 billion rubles ($3.22 billion) will be allocated from the budget for the socio-economic development program for Crimea and Sevastopol during 2027-2029. - Over 865 billion rubles ($10.35 billion) will be allocated from the budget for the restoration and development of the Donbass and Novorossiya regions during 2027-2029. - Over 28 billion rubles ($335.10 million) will be allocated from the budget for investment projects in the Arctic during 2027-2029. Food Security Funding for the Technological Support for Food Security national project is planned at 22.59 billion rubles ($270.36 million) for 2027, 24.622 billion rubles ($294.68 million) for 2028, and 24.737 billion rubles ($296.05 million) for 2029. 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Norway probes senior state officials’ Epstein links
• What happened: Norway's parliament has launched a public inquiry into the connections between senior state officials and Jeffrey Epstein, focusing on ele...