The Bell
Independent Russian-language business news outlet founded in 2017; Russia labelled it a foreign agent.
The Bell noted that the Russian government's release on its 2027-29 draft budget, sent to the State Duma by 30 September 2026, left out both the rise in defence spending and the cuts to social spending.
Last refreshed: 12 October 2026
What did Russia's 2027 budget press release leave out, according to The Bell?
Timeline for The Bell
Mentioned in: Russia plans record 17.1tn for defence
Russia-Ukraine War 2026Background
The Bell reads Russian budgets and banks for what official statements leave out. On the 2027-29 draft budget, sent to the State Duma by 30 September 2026, it pointed out that the government's press release mentioned neither higher defence spending nor social cuts. Reuters, which reviewed the draft, reported a record 17.1tn roubles for defence in 2027.
Elizaveta Osetinskaya founded The Bell in 2017 with Irina Malkova and Peter Mironenko, after the three lost their senior editorial posts at RBC. Russia's Justice Ministry added it to The Register of "foreign agents" on 9 December 2022, and access to its site was blocked inside Russia in 2023. It publishes in Russian and English.
Its value to outside readers grows as Moscow publishes less. With trade and fuel data now restricted, an Independent reading of what the budget documents do and do not say is one of the few checks left on official figures.