Russia Deposit Interest Tax Revenue to Triple to 1 Trln Rubles by 2027

Russia's federal budget projects NDFL on deposit interest to rise from 632 bln rubles in 2026 to nearly 1 trln rubles in 2027, per the draft three-year budget. This reflects high rates and growing deposit base, signaling sustained monetary tightening. The increase implies higher household interest income, but also a fiscal drag on consumption.