Russia’s fiscal and economic operations were still under high pressure in 2023：On the revenue side，the sanctions led to a sharp decline in Russia’s oil and gas revenue，which has not yet returned to pre-sanctions levels. However，thanks to the strong recovery of the domestic economy，non-oil and gas revenue turned around the decline since 2022 and achieved substantial growth，which partially made up for the decline in oil and gas revenue. On the expenditure side，in addition to maintaining growth in national defense and people’s livelihood expenditures，national economic expenditures have reached a record high to promote the transformation of the economic structure and form a new economic growth model. Currently，there are no systemic threats to Russia’s finances，and stable sources of fiscal revenue can still be found. The debt scale of the federal government and various federal entities is controllable，and the national welfare fund still maintains a certain scale. Hence，Russia has successfully controlled the federal budget deficit rate in 2023 within the planned target. As the economy gradually emerges from the impact of sanctions and enters the stage of recovery and development，the focus of Russia’s fiscal policy has also shifted from countering the sanctions crisis to achieving medium- and long-term national development goals，which include ensuring a sustainable and predictable economic environment as well as promoting the acceleration of economic structural transformation through structural adjustments on revenue and expenditures.