Oct 31, 2021
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There is money, but it’s not yours

There is money, but it’s not yours

The further you go, the more you become imbued with the wisdom once uttered by Prime Minister Dmitry Medvedev: “There is no money, but you are holding on!” Indeed, Russia has been and still is on this for centuries. Despite all the efforts of the authorities.

The rating agency Fitch Ratings Inc., one of the “big three” international rating agencies, calculated that the income of the Russian Federation from the rise in oil and gas prices alone in 2021 will increase by $ 50 billion. And the revenues to the Russian budget may amount to about 9 trillion rubles.

At the same time, Russian sources report that in just a month, the federal budget surplus has grown by half a trillion rubles at once! From 934 billion rubles in January-August to 1.44 trillion rubles in nine months. A large stash is hidden in the chests of power, where, it turns out, money does not just drip – it flows like a river! True, past the pockets of citizens. Because the real incomes of the population of Russia continue to fall.

The question is: where and to whom will these “unscheduled” budget receipts go? The Central Bank responds to this, reporting that in the third quarter of 2021, capital outflow from Russia accelerated six times (!) And reached $ 33.9 billion – a record value compared to the same record in 2014. It turns out that world prices for oil and gas are growing, domestic corporations that exploit the country’s natural resources are bailing out more and more dollars for them, but the pump immediately turns on, which pumps the currency over the cordon.

Last year, $ 69.5 billion flowed out of Russia. It is not hard to predict that this record will be surpassed this year. Experts say that the funds exported abroad go almost entirely to the acquisition of foreign assets. About 54.2 billion, withdrawn from Russian accounts, domestic capitalists have invested as direct investments in foreign companies. This is three times more than last year.

Wasn’t this acceleration of capital flight the government had in mind when, against the background of a serious increase in income, it submitted to the State Duma the draft budget for 2022, where social spending and healthcare financing were cut by more than 600 billion rubles ?! They say the money has come, but it is not for you, citizens. Most of these citizens, who seem to “own the bowels”, will again receive only a donut hole.

Lavrenty Pavlov.


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