The economy of the North – and Beyond

This analytical paper explores the April 2025 amendments to Russia’s federal budget, focusing on the fiscal, economic, and political implications of the revision. In response to falling oil revenues, rising inflation, and shifting global conditions, the Russian government adjusted key budgetary targets, including a significant downward revision of oil income and an upward revision of the inflation forecast. The paper evaluates the sustainability of this new fiscal trajectory, potential risks, and the broader macroeconomic outlook. Authored by Sergei Gladkov, the analysis provides expert insight into Russia’s evolving economic policy framework amid mounting external pressures.