The State Duma approved amendments to the federal budget for 2025 in the first reading.

Deputies of the State Duma (State Duma) approved amendments to the federal budget for 2025 in the first reading, it was reported on May 28 after the meeting.

According to the changes, budget revenues decreased by 1.79 trillion rubles, and the deficit increased by 2.62 trillion rubles, to 1.7% of gross domestic product (GDP). In turn, oil and gas revenues this year are expected to amount to 8 trillion 317 billion 421 million rubles, which is 2 trillion 619 billion 24 million rubles less than previously planned.

As stated in the explanatory note to the draft law, "the impact of this reduction on the balance of the federal budget is neutralized by the budget rule. Chairman of the Accounts Chamber Boris Kovalchuk noted that the main changes are aimed at updating federal budget revenues and expenditures, taking into account the economic situation.

"The bill also provides for the redistribution of certain types of inter—budget transfers from the budgets of the constituent entities of the Russian Federation without significantly changing the total volume," he is quoted as saying on the website of the State Duma.

Backup option: the authorities are preparing a new tax maneuver for the oil industry

What kind of concessions are we talking about and how will this affect related areas?

On May 26, Russian Finance Minister Anton Siluanov said that payments under social obligations, including salaries for public sector employees, would be indexed to the adjusted inflation rate of 7.6%. He added that when considering amendments to the current year's budget, the rates have become higher than previously planned. So, in the forecast for 2025, inflation will be 7.6% from December to December, and therefore social obligations have been indexed by the appropriate amount.