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Amendments to legislative acts enabling prompt redistribution of government funds from the federal, regional and local budgets in 2022

March 9, 2022

The President signed Federal Law On Amendments to the Budget Code of the Russian Federation and the Federal Law On Amendments to the Budget Code of the Russian Federation and Certain Legislative Acts of the Russian Federation and Introducing Special Rules for Executing Budgets of the Russian Federation Budgetary System in 2022.

The Federal Law provides for the possibility of promptly redistributing government budgetary allocations as part of the execution of the federal, regional and local budgets in 2022 to direct the funds for the implementation of measures to prevent the impact of changes in the geopolitical situation and the deterioration of the economic situation on the development of various economic sectors and the financial sector in Russia, as well as to achieve goals set, respectively, by the Government of the Russian Federation, top regional executive bodies, and local administrations.

In order to mitigate the negative consequences of the restrictive measures being taken and to ensure a balance of the federal budget in the context of high volatility in capital markets, the Federal Law provides for the possibility of using additional federal oil and gas revenues in 2022 to back up government borrowing, fulfil the public regulatory obligations of the Russian Federation, and pay off government debt, as well as to finance other priority measures as decided by the Government of the Russian Federation.

The Budget Code of the Russian Federation now establishes the possibility of using funds from the National Welfare Fund to acquire government securities of the Russian Federation.

March 9, 2022