Vladimir Putin signed a law softening the budget rules for 2023-2024

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AK&M 22 November 2022 10:58

Russian President Vladimir Putin signed the federal law "On Amendments to the Budget Code of the Russian Federation and Certain Legislative Acts of the Russian Federation, Suspension of Certain Provisions of the Budget Code of the Russian Federation, Invalidation of Certain Provisions of Legislative Acts of the Russian Federation and on the Establishment of the Specifics of the Execution of Budgets of the Budgetary System of the Russian Federation in 2023." This is reported by the Kremlin's press service.

The law establishes a new construction of the budget rule, including the assumption of fixing the volume of basic oil and gas revenues in 2023-2025 in absolute terms at the level of 8 trillion rubles with further annual indexation, starting from 2026, in the amount of 4%

In 2023-2024, restrictions on the use of NWF funds to cover the deficit of the federal budget and the budget of the Pension and Social Insurance Fund of the Russian Federation are suspended and temporary limits are set for the use of NWF funds in order to ensure balance (cover the deficit) of the federal budget in 2023 and 2024 due to an increase in the volume of marginal federal budget expenditures in the specified period in the amount of 2.9 trillion rubles and 1.3 trillion rubles, respectively.