The former Minister of Finance of the Russian Federation made a statement that the government allegedly has no more money to pay pensions.
According to Alexei Kudrin, the only way to find the necessary funds is to raise the retirement age in the country. The head of the Center for Strategic Research believes that it will not be possible to cover this hole by, for example, raising taxes. According to Kudrin, over the past seven years, spending on pensions for Russians has increased by 3 percent of GDP. In order to pay pensions in the future, according to Kudrin, the government needs to abandon investments in education, medicine and roads.