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Finance Ministry Intends to Contain Rising Public Debt

RUSSIA
  • The Ministry of Finance intends to maintain the ratio of Russia's public debt to GDP until 2030 at a level not exceeding 20%, according to the ministry's activity plan for 2022–2027, which has been seen by Vedomosti. According to a federal budget draft for the next three years, in 2025 public debt will reach 29.9 trillion rubles, or 17.5% of GDP, compared to 20.9 trillion rubles, or 16% of GDP, in 2021.
  • Ukrainian troops liberated 12 settlements in the southern Kherson region on Nov 9, and the offensive is continuing, the Military Staff said in a statement. Retreating Russian troops are trying to damage power lines and critical transport and other infrastructure in the region, according to the statement.
  • The Department of Commerce will no longer treat Russia as a market economy in its anti-dumping proceedings, enabling the US to apply the full force of its anti-dumping laws to address distortions caused by increasing interference from the Russian government in their economy, Bloomberg report.
  • Up to 80% of farmers may not receive promised subsidies for the cultivation and sale of grain, Izvestia report. The subsidy was supposed to help farmers maintain profitability amid surplus product and export duties, due to which in the summer they lost up to 6 thousand rubles for each exported ton of grain, experts said. The Ministry of Agriculture is ready to start working on the problem next year, Izvestia was told.
  • The Finance Ministry will publish the budget balance for October today (Exp. 85.5b ruble surplus) while UN representatives will meet a Russian delegation in Geneva to discuss grain deals. Meanwhile, Thai officials have said that Russian President Putin will not be attending the APEC summit this month.
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