IMPACT OF SANCTIONS FOR THE DEVELOPMENT OF OIL PRODUCING COUNTRIES

Abstract

In the context of a growing shortage of financial resources and a change in priorities in the distribution of budgetary resources, the issues of managing the balance of the consolidated budgets of the Russian regions are of particular relevance. The purpose of this study is to analyze the formation of the financial result of the execution of the consolidated budgets of Russian regions during periods of economic recession and recovery, as well as to highlight the negative and positive aspects of the formation of the regional budget deficit. Materials and methods. The main research method was a retrospective analysis of the formation of the financial result of the execution of the consolidated budgets of Russian regions. Results. The article studies the negative and positive causes of the budget deficit, analyzes the dynamics of the financial result of the execution of the consolidated budgets of the subjects of the Russian Federation for the period 2013-2022; the dynamics of the aggregated deficit (surplus) of the budgets of Russian regions is considered; the features of the formation of the financial result of the execution of the budget of donor regions and subsidized regions are studied. Conclusions. A budget deficit is not always a negative phenomenon, as it may indicate that the budget is increasing spending on education, healthcare, social policy, stimulating and supporting business development, which leads to an increase in the quality of life in the region and an improvement in social – economic situation. Each region can potentially face a budget deficit as a result of its cash execution during the economic downturn, and most often the budget deficit reflects the crisis in the country's economy, as the regions' own incomes decrease and expenses increase significantly. During the crisis, not only subsidized regions, but also donor regions face a budget deficit.