The federal law approves the key parameters of the federal budget for 2014 based on a projected GDP of 73,315 billion rubles and an inflation rate of not more than 5 percent.
The federal law also approves the procedures for revenue distribution between different budget levels for 2014 and the 2015–2016 budget plan, and defines the way federal budgetary funds will be allocated to different departments. It also approves allocations of budgetary funds under different sections, subsections, special-purpose items (Russian state programmes and non-programme activities), and different types of federal budgetary expenditures. The law also approves programmes relating to the Russian Federation’s public domestic and international borrowing, and identifies sources for financing the federal budget deficit.
In particular, with regards to using oil and gas revenues, the federal budget has been drafted in accordance with fiscal rules designed to reduce the linkage between the Russian Federation’s liabilities and fluctuations in global energy prices. The budget is also based on the Russian Federation’s main state programmes covering the key areas of the federal executive agencies’ activity.