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The Russian government has presented a draft budget for 2027 and the 2028–2029 planning period. The document calls for further increases in spending on defense and law enforcement, while funding for a number of social programs will be cut.
Russia plans to raise nearly $44 billion by 2029 through new taxes on individuals and businesses to fund soaring military spending and a growing budget deficit.
Draft budget documents show Russia plans to plug the funding hole with government bonds.