Subject. This article analyzes the systemic risks of public-law entities associated with the COVID-19 pandemic and affecting their budgets. Objectives. The article aims to assess the impact of systemic risks associated with the coronavirus pandemic on federal and regional budgets. Methods. For the study, I used structural, comparative, and systems analyses. Results. Based on the results of the analysis of federal and regional budget expenditures during the COVID-19 pandemic, the article finds that, in general, the risks were more significant for federal budget expenditures, and the sensitivity of regional budgets to risks was unevenly distributed. Budget expenditures of subsidized regions turned out to be particularly sensitive to risks. Conclusions. The results of the study can be used to assess the impact of systemic risks on federal and regional budgets.
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