Abstract:Fiscal and monetary policies play a key role in fighting the epidemic and resuming economy for Russia. In 2020，the Russian Ministry of Finance reformed its budget rules which has built-in counter-cyclical stabilization mechanism and additional budget stimulus，providing sufficient funds for the implementation of anti-epidemic and anti-crisis policies. The Bank of Russia has restored confidence in enterprises and citizens and has stimulated the recovery of the consumer market by relaxing monetary and credit conditions and deregulation. In 2020，the oil price plunge has further reduced its proportion in revenues. Although the budgets at all levels of the Russian Federation are in deficit，the sufficiency of the State Welfare Fund and the federal government’s support for regional budgets has eliminated the possibility of systemic fiscal risks. Although the rise in food prices in 2020 has pushed up inflation and corporate profits and citizens’ disposable income have fallen，deposits and loans in the banking system have increased and the loan quality has not deteriorated significantly. The reduction in key interest rates and the devaluation of ruble has led to Russia’s financial account deficits and serious capital outflows. However，the high price of gold has made up for the loss of international reserves. In the process of economic restart，Russia will follow the logic of fiscal consolidation，tap investment potential on the basis of increasing revenue and reducing expenditures，and pay attention to structural adjustment of the economy. The monetary policy will commit to maintaining stability while strengthening coordination with fiscal policy.
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