Economy of Russia. Budget deficit

Until 2023, Russia will have to live in a budget deficit, Vladimir Putin said. The budget is drawn up on the basis of oil prices above $ 45 per barrel. As follows from the document, the country's budget will be in deficit for all three years. The law provides for an increase in budget revenues from 18.765 trillion rubles. in 2021 to 20.637 trillion in 2022 and 22.263 trillion rubles. in 2023, expenses - from 21.52 trillion rubles. to 21.884 trillion and 23.671 trillion, respectively. Thus, in 2021 there will be a deficit of 2.4% of GDP, in 2022 - 1% of GDP and 1.1% of GDP in 2023.

The sanctions against Russia cost the German economy 5.45 billion euros annually. For the European Union, the cost is € 21 billion.
The industries most affected by the anti-Russian sanctions are industry, mechanical engineering, the automotive industry and the chemical industry.
Lysandra Flach, the author of the study and head of Ifo's foreign economic center, believes that if the sanctions are lifted, both Russia and Germany, especially the East Germans, will benefit.

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