Russian Economic Development Minister Reshetnikov presented the “new equilibrium” outlook for USDRUB, projecting 94 for the end of 2023 and 90-92 for 2024-2026. The ministry forecasts significant declines in both the current account and exports. The inflation estimate was revised to 7.5% in 2023, up from the initial 5.3% in April. The 2024 budget highlighted anticipated defense spending, set at 6% of GDP, a rise from 3.9% and 2.7% in 2023 and 2021, respectively.