ExplainerMarkets
Russian government bonds (OFZ): how the state borrows at home
Russia's domestic government bonds finance deficits and refinance maturing debt. Their pricing also shows how interest rates and fiscal policy meet.
Coverage
Budget & Public Finance
Follow Russia's federal budget, taxes, public borrowing and National Wealth Fund. Coverage separates spending plans from execution and federal accounts from broader government finances. Guides explain oil-and-gas revenue, fiscal rules and reserve assets, while analysis examines the assumptions behind official projections. Deficits, surpluses and debt figures are reported with their periods, units and relevant revision history.
AnalysisBudget
Russia's budget draft relies on borrowing and additional tax revenue
The proposed 2027 to 2029 budget combines continued deficits with a fiscal-rule adjustment; the revenue assumptions and financing needs deserve separate scrutiny.
AnalysisRuble
Russia's rate hold puts inflation expectations and the budget in focus
The Bank of Russia's September hold left the key rate at 14%; later price and expectations releases sharpen the questions before the scheduled October 23 meeting.
ExplainerEconomy
Russia's economic crises: 1998, 2008, 2014, 2020 and 2022 compared
Russia's major shocks differed in origin, financing conditions and policy response; annual data reveal their timing but do not make them equivalent.
ExplainerBudget
Russia's National Wealth Fund: total assets, liquid reserves and uses
The fund's headline size is not a cash balance; liquidity, valuation and the rules for using assets determine how much fiscal support it can provide.
ExplainerBudget
Russia's federal budget explained: revenue, spending and deficits
Read the federal budget by separating tax receipts, spending commitments, financing and the assumptions behind each three-year plan.
ExplainerEnergy
Oil and gas in Russia's economy: revenue, exports and dependence
Russia's energy earnings depend on the price actually received, the route to the buyer and the tax system, not simply on the number of barrels exported.
ExplainerEconomy
How Russia's economy works: resources, the state and the ruble
Russia's economy combines commodity exports, a large domestic service sector and an influential state; the links between them matter more than any single headline.