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RussiaRussian Federation · Federal Government

Government Budget
Fiscal Year 2024

Source: MinFin, Rosstat, SIPRI
Total Revenues
₽36.7T
18.4% of GDP · +26% vs 2023
Budget Deficit
₽3.5T
1.7% of GDP · Doubled vs plan
Total Expenditure
₽40.2T
20.1% of GDP
Public Debt
~18%
Low by global standards · modest debt
Budget breakdown

Revenue by Source

Max = ₽13.5T (VAT) · Total ₽36.7T
Domestic Taxes
VAT20% standard rate
₽13.52T6.8% GDP
Corporate Profit Tax20% (25% from 2025); wartime profits surging
₽4.50T2.3% GDP
Personal Income TaxFederal portion; 13–15% flat
₽1.40T0.7% GDP
Excise TaxesFuel, alcohol, tobacco
₽1.20T0.6% GDP
Oil & Gas Revenues
Oil & Gas MET + Export Duties30% of total revenues
₽11.13T5.6% GDP
Trade & Other
Non-Energy CustomsTariffs on imports
₽0.90T0.5% GDP
Non-Tax & OtherState income, fines, dividends
₽3.95T2% GDP
Deficit FinancingOFZ bonds + NWF drawdown
₽3.5T1.7% GDP
Total Resources Available
₽40.2T
Note: Russia derives 30% of revenues from oil & gas. VAT overtook O&G as the top line item in 2024 for the first time.

Expenditure by Function

Max = ₽13.2T (Defence) · Total ₽40.2T
Defence & Security
National DefenceMoD, armed forces, weapons — est. actual
₽13.20T6.6% GDP
National Security & LawFSB, National Guard, police
₽3.50T1.7% GDP
Social Spending
Social PolicyPensions, disability, military families
₽7.70T3.9% GDP
HealthcareFederal health; bulk via OMC fund
₽1.77T0.9% GDP
EducationFederal higher education, R&D
₽1.69T0.8% GDP
Economy & Debt
National EconomyRoads, railways, import substitution
₽4.42T2.2% GDP
Debt ServicingOFZ bonds; near-doubled at 21% key rate
₽2.33T1.2% GDP
Other
General GovernmentPresidential admin., apparatus
₽2.52T1.3% GDP
Housing, Culture & OtherHousing, culture, sports, environment
₽3.06T1.5% GDP
Total Expenditure
₽40.2T
Note: Russia classifies ~22% of its budget. Defence figure derived from Defence Minister's statement (32.5% of total spending).
Context & explanations
🪖

Defence: Post-Soviet Record ~6.6% GDP

32.5% of all spending. ~70% increase from planned 2023. SIPRI estimates ~7.1% of GDP in total military spending.

Defence: ~32.5% of spending
🏦

VAT Overtakes Oil & Gas

VAT at ₽13.5T (+16%) eclipsed oil & gas revenues for the first time. Non-oil revenues now 70% of total.

Non-oil: 70% of total
📉

Deficit Tripled vs Plan

₽3.5T actual vs ₽1.6T planned. A December spending surge explains the overshoot.

Deficit: 2.2× plan
💊

Healthcare & Education: Real Cuts

Both fell as shares while inflation ran ~10%. Defence crowded out civilian spending.

Combined: 7.7% of outlays
💸

Debt Service Surging

₽2.3T (5.8% of outlays) at 21% key rate. ~50% of OFZ bonds carry floating rates.

Debt: 5.8% of outlays
🏗️

Economy Crowded Out

Fell from ~14% to ~11% of total outlays as defence expanded.

Economy: 14% → 11%

Primary sources: Kremlin.ru; Interfax; Rosstat; SIPRI; CEPA; Carnegie; OSW; RAND.

Methodology: GDP: ₽200.04T. Avg 92.5 ₽/$. Due to classification, all expenditure sub-totals carry uncertainty.