Overview

• Three State Duma committees for financial markets, SMEs, and industry recommended the budget draft for passage in the first reading, and the Federation Council’s budget committee supported the concept.
• The document is built on a baseline macro forecast that assumes Bank of Russia inflation targeting and use of budget rules to guide fiscal policy.
• Spending priorities move toward technology and export-oriented sectors with higher funding for radioelectronics, space, the defense industry, machinery, and applied research to develop a domestic component base.
• Targeted support for small and medium enterprises includes concessional lending, guarantees, subsidies, and interbudgetary transfers, with nearly 10 billion rubles in 2026 for regional initiatives, My Business centers, and accelerators.
• Financial-market materials cite 2024 program execution at 97.6% effectiveness with full cash execution and set 2030 goals to keep public debt at or below 20% of GDP, raise the share of long-term savings products to 40%, and improve tax collection, alongside measures to reduce regulatory costs and bolster investor protection.