Russia has no serious sources for covering the budget deficit — economist.

The Russian Federation is spending more and more money on war, but other expenditures are decreasing, which leads to the suffering of the Russian population.

This was stated by economist Oleh Pendzin on the air of the FREEDOM TV channel.

He noted that in 2023, the total expenditures of the Russian budget on the war amounted to approximately 60 billion dollars, and this year they amount to 110 billion.

«We are discussing the budget for next year - 143 billion. Any resource in a country is not infinite. And if you sharply increase one item, then, of course, you decrease some other expenditures. What is currently the largest source of reduction in Russian budget expenditures? This is, of course, expenses on 'social welfare'. This is, of course, expenses on the Russian population, which in this situation suffers the most in this whole budget process,» he said.

The economist stressed that the Wealth Fund will definitely not have enough liquid funds for 2025.

«The Russian leadership approached the leadership of China with a request to provide a loan in yuan to cover the Russian budget deficit, but as far as I know, this issue has been delayed and will not be implemented. Therefore, today there are no serious external sources to cover the deficit. Thus, the directions that will ensure financing of the war are, firstly, reducing social expenditures and, secondly, increasing the tax pressure on the Russian population within the country,» Pendzin noted.

According to him, expenses on the war in the Russian budget will be covered at the expense of Russian citizens, so they will face higher taxes, rising prices, and increased utility bills.

«All this will be covered at the expense of the wallets of Russian citizens. There are no other sources within the country. It is worth understanding that any budget is not government money. Any budget is taxpayers' money. And who is the ultimate taxpayer in any country? It is the citizen. So when we talk about who will bear the costs of the war on their shoulders, the answer is clear. It is only Russian citizens, who even today are not as wealthy as the Russian leadership would like to show,» said Pendzin.