Abstract
According to the data of the Federal Treasury, in January–October 2014 federal budget revenues increased by 0.6 p.p. of GDP on the respective period of 2013 due to growth in oil and gas revenues. Within ten months of 2014, federal budget expenditures fell by 0.2 p.p. of GDP on the respective period of the previous year; in January–October 2014 the surplus of the federal budget amounted to 1.9% of GDP. Despite the impact of numerous external and internal negative factors, such as sanctions, a decrease in prices on hydrocarbons and slowdown of economic growth rates, the Government of the Russian Federation refused for the time being to revise the main parameters of the federal budget for the next three-year period and on November 21, 2014 the draft federal budget was approved by the Lower Chamber of the Federal Assembly without significant changes.
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