Unlike the previous long period of high rates, this time the strictness of the monetary authorities is likely to partially offset the budget. But the chosen model of fiscal policy also has its downsides. The weak ruble has reduced borrowing needs and narrowed the budget deficit, but that could quickly change if high rates lead to a sharp rise in the ruble. The announced draft budget for 2024 involves serious incentives, but very different for different industries. Exporters found to have been...