The model of the Russian economy that was formed in the 2000s does not match a new stable growth path, though it helped to calmly overcome the crisis of 2008 and 2009. The state needs to provide stability in the fields under its direct control, i.e. the budgetary and monetary policies. In the...

Economic stagnation and demographic change in Russia are putting intense pressure on the government budget. Tax revenues have been declining since the late 2000s. Meanwhile, the oil dependency of Russia's budget has increased significantly. This became patently clear when the oil price plummeted...