Christopher Granville

Managing Director, EMEA and Global Political Research
+44 20 7246 7867

Irina Lebedeva, CFA

Economist, Russia/FSU Research - Moscow

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Recent Russia research

* Russia: Fiscal rule to boost asset prices in 2018, Christopher Granville, Madina Khrustaleva, 14 Dec 2017
* Russia: Domestic funds flow into capital markets, Christopher Granville, Madina Khrustaleva, 30 Nov 2017
* Russia: Putin’s future: Politics and policy, Christopher Granville, Madina Khrustaleva, 3 Nov 2017
* Russia: Nabiullina takes the controls, 11 Oct 2017
* Russia: US sanctions – a contrarian case, Christopher Granville, 28 Jul 2017

See all our Russia research >>

Russia’s new fiscal rule stillborn

Overview

Russia’s unruffled fiscal façade is deceptive. The conduct of fiscal policy in 2013 and the contents of the new three-year budget enacted in December 2013 spell ever-greater vulnerability to oil price shocks and, above all, an unsustainable fiscal position even when the oil price is quite high. Far from being a normal year in fiscal terms, 2013 has been a definite turn for the worse. Our investigation of causes and cures takes in Russia’s fundamental growth problem, pension reform...

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