State Duma approves draft three-year federal budget in first reading
Published · Updated
What happened
The State Duma approved the draft three-year federal budget in first reading on October 29. RBC said the budget materials project government debt above 20% of GDP in 2027 and cite committee concerns that debt-service costs keep rising through 2029.
Why it matters
The budget has moved from drafting into a legislative stage where deputies, the Finance Ministry, and spending ministries can still contest assumptions and allocations. If revenue assumptions weaken or expenditure demands rise, later readings and implementation can produce changes in borrowing plans, spending priorities, or tax and fee measures.
On October 29, the State Duma approved the federal draft budget for the next three years, moving it to the next parliamentary decision point. RBC reported that the Finance Ministry's baseline projects government debt above 20% of GDP in 2027, while the Duma budget committee warned that debt-service costs continue rising through 2029. The immediate political issue is not whether the budget advances procedurally, but whether weaker oil and export assumptions or sustained war spending later force borrowing increases, spending reprioritization, or ad hoc revenue measures before final readings and implementation.
Watch for
State Duma Budget and Taxes Committee publication of amendments or recommendation for the next budget reading by 2026-11-07 Russian Finance Ministry release or briefing after 2026-11-04 on budget parameter changes, borrowing volumes, or reserve-fund use State Duma Council confirmation after 2026-11-04 of the date for the next federal budget reading Russian Finance Ministry OFZ issuance calendar update after 2026-11-04 showing larger auction volumes or altered maturities
Sources
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