To ekstra ting omkring Rusland budget, 33% går til militær og sikkerhed, på bekostning af andre områder, i alt vil de bruge omkring 9,5 billiarder rubler, dette kan omregnes til cirka 6,3% af 2022 BNP.
Det bliver sværere for Rusland at finansierer krigen her i 2023 og befolkningen og virksomhederne vil lide mere.
In autumn 2022, the government sent to the budget a record profit from Gazprom and increased the income tax levied on oil companies. However, the flow of gas money will soon dry up for years. In November 2022, one-time receipts from Gazprom provided 38.6 percent of budget revenues, which would have fallen 19 percent without them. In mid-December the government decided to levy more taxes on coal and fertilizer producers and increase the dividends paid by state-owned companies, including Sberbank and Rosneft.
Financing the Budget Deficit
The main way to finance the budget deficit is now domestic borrowing. After all, if the MinFin continues to use the liquid part of the NWF (7.6 trillion rubles) to finance the deficit, that source is likely to be exhausted in three to four years. In 2022 the government issued bonds worth almost 3 trillion rubles. The vast majority of them were bought by state banks with money borrowed from the Russian Central Bank. In fact, the Central Bank finances the budget deficit by printing money. At the November–December auctions, the MinFin sold record amounts of debt, sucking all the liquidity out of the market and giving buyers serious discounts. The domestic debt now is only 12 percent of GDP, but the cost of servicing that debt is high (the last loans were made at a rate above 10 percent), accounting for 5 percent of budget expenditures.
The government can use NWF funds only to a limited extent, as its investments are frozen in the Central Bank’s accounts in Western currencies. The government has some access to them through an accounting maneuver: the Central Bank credits the budget with rubles, then transfers frozen NWF funds into its account (so the government shifts funds from one pocket to another). There is no real sale of foreign currency assets, and the budget is essentially financed by emissions (i.e., lending or investing in other companies). The part of the NWF that remains liquid is only 5 percent of GDP, so emissions will soon be the only source of deficit financing.
In 2023, the government will have the necessary funds to finance military expenditures. However, it will be much more difficult for the government to find those funds. The pressure of sanctions creates great difficulties for the Russian state machine, and it will shift war costs to the population and businesses.