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The paper analyzes the current options of fiscal stimulus in the Russian economy. It is asserted that due to economic and institutional factors the increase in public expenditures will not be efficient and the appropriate resource base is limited. The contradictions of the budget policy based on channeling extra oil and gas revenues into the sovereign funds to be invested abroad, are considered. It is concluded that this policy which has been carried out in Russia during the last ten years isdoi:10.32609/0042-8736-2013-12-74-85 fatcat:xv4auaxmpjb3fp7khtkdhzuzgq