SOVEREIGN ECONOMY: TOP EVENTS OF THE WEEK
The deficit of the Russian Federation’s federal budget exceeded 4 trillion. According to the data of the "Electronic Budget" website, revenues to the budget as of March 28 amounted to 3 trillion 496.9 billion rubles, expenses - 7 trillion 504.6 billion rubles. Thus, the deficit was 4 trillion 7.7 billion rubles. According to preliminary data from the Ministry of Finance of Russia, the budget deficit for January and February amounted to 2.6 trillion rubles. According to the budget law, revenues of the federal budget in 2023 are planned at 26 trillion 130.3 billion rubles, expenses - 29 trillion 55.6 billion rubles, and deficit - 2 trillion 925.3 billion rubles. Thus, the expected deficit for the year has already been exceeded twice in the first quarter
The Kremlin is trying to prevent the mass exodus of Western companies from Russia. Foreigners selling their Russian assets must, as a matter of obligation, contribute to the Russian budget in addition to discounts for buyers. The size of the contribution will be no less than 10% of half the market value of the assets indicated in the appraisal report - that is, up to 5% of the asset's cost. If an asset is sold at a discount of more than 90%, the contribution will increase - no less than 10% of the market value of the asset.
Switzerland has joined the 10th package of EU anti-Russian sanctions. The Federal Council of Switzerland has decided to impose sanctions against Russia (with certain exceptions) that correspond to the tenth package of EU economic restrictions. They provide a ban on Russian citizens entering the governing bodies of companies controlling objects of critical infrastructure and further sanctions on goods.
Europe is preparing to close the next channel for supplies of Russian gas. The EU is developing a mechanism that will allow it to block the Russian blended gas (LPG) distribution without introducing sanctions. This involves temporarily prohibiting Russian exporters from reserving capacities in the infrastructure necessary for delivery.
Putin spoke with propagandistic rhetoric at a meeting with members of the Cabinet. Despite the growing number of obvious problems, the President of Russia insists that the country's economy demonstrates positive dynamics, partly due to filling in the niches vacated by Western companies, increasing volumes of foreign trade turnover of the Russian Federation with major foreign partners, etc.