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2025.09.0915:30:57UTC+00Russian Federal Budget Gap Continues to Soar

The Russian Federal Government recorded a budget deficit of RUB 4.2 trillion from January to August 2025, representing 1.9% of GDP. This marks a significant increase from the RUB 0.3 trillion reported during the same timeframe in 2024, as outlined by preliminary data from the Finance Ministry. This deficit also surpasses the revised government target of 1.7% of GDP, a target that was adjusted in May due to declining oil prices and the introduction of new US tariffs. Government expenditures rose 21.1% year-on-year, reaching RUB 27.92 trillion, whereas revenues grew by a modest 3% to RUB 23.73 trillion. This increase in revenue was largely propelled by a 20.2% rise in oil and gas revenues and a 14.3% uptick in non-oil and gas revenues.

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