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: Geopolitics less bearish than oil, 23 Jun 2017
* Russian oil – volume gearing, Christopher Granville, James Henderson, 8 May 2017
* Russia-Saudi oil axis: Last hurrah in H2/17, Christopher Granville, James Henderson, 27 Apr 2017
* Russia: Navalny trashes Medvedev - What it means, Christopher Granville, 29 Mar 2017
* Russia: Geopolitical driver – negative turn, Christopher Granville, 15 Mar 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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