State Duma approved a three-year budget

The State Duma has approved Russia's federal budget for the 2017-2019 period. A total of 315 deputies voted for the proposal and 99 voted against.

During all three years, Russia's is expected to have a budget deficit. By 2019, the difference between income and expenditure will be reduced to 1.1 trillion rubles.

The budget for 2017 was approved with a deficit of 2.75 trillion rubles, or 3.2 percent of Russia's GDP. Inflation is not expected to exceed 4 percent. The budget was drawn up based on an average crude oil price of $40 per barrel.

Spending on health will be reduced by 22 percent in 2017 compared with 2016. Additional funding for health services will come from the Compulsory Health Insurance Fund. At the same time, social policy spending is expected to increase by 10 percent. Military spending will be reduced from 3.88 trillion rubles in 2016 to 2.84 trillion in 2017.