Russian Fiscal Sphere Under the Influence of External and Internal Factors

The changing external conditions of recent years have led to a transformation of the existing mechanisms that determine the Russian fiscal sphere. The paper shows that since 2022, the budget of the expanded government has become more dependent on internal factors than on parameters related to the global situation. The receipt of oil and gas revenues of the federal budget has come to be influenced not only by the price of oil and the exchange rate, but also by restrictions on oil production caused by both external sanctions and voluntary restrictions. At the same time, the sensitivity of oil and gas revenues to the price of oil has increased. The growth of non-oil and gas revenues partly compensates for the restrictions on the receipt of oil and gas revenues but is largely ensured by the budget impulse. In this regard, an increase in the tax burden on the non-oil and gas sector is seen as an inevitable measure for future budget sustainability. The possibilities of debt financing are limited by the capacity of the domestic market and the monetary policy pursued. At the same time, using the imperfections of the financial market, the state can reduce the cost of servicing the domestic debt.