Russia's Federal Budget: Better Late Than Never

The Kremlin may yet end the year with a budget in place. After months of rancorous debate and half a dozen rejected drafts, Russia's legislature, the Duma, will vote Oct. 28 to finalize this year's budget and approve drafts for the next three years. For about a decade before the oil slump began in 2014, the country had enough oil revenue to justify two or three supplemental budgets to expand spending. Over the past few years, however, the Russian government has struggled to maintain even one budget without vastly expanding its federal deficit — something the Kremlin has tried to avoid. Moscow has revised its 2016 budget time and again, and with just two months left before the year's end, it seems to have come up with a viable spending plan for this year and the next few. Still, the budget will not be enough to ease the strain on the Russian people, who have borne the brunt of the country's financial troubles. As Russia's 2018 presidential election approaches, this is especially worrisome for President Vladimir Putin, who has held on to power for 17 years and three terms with promises of stability and prosperity.