Russia's macroeconomic problems and the risks to the oil and gas sector

摘要

As is the case with all petrostates, Russia's macroeconomic stability hinges, to a large extent, on the credibility of government efforts to adjust the public finances to lower for longer' oil prices. This is the time of year when progress on fiscal adjustment can most easily be gauged, as the government's definitive federal budget for the three years ahead gets submitted to the State Duma in late October and must complete its parliamentary stages in time to be signed into law by President Putin at the end of December.