Russia Federal Budget Gap Widens in January

2026-02-09 04:48 By Joshua Ferrer 1 min. read

The Russian federal government ran a budget deficit of 1.718 trillion rubles in January 2026, 252 billion rubles higher than the same period last year, according to preliminary estimates.

Federal budget revenues totaled 2,362 trillion rubles, down 11.6% year-on-year, weighed down by a 50.2% drop in oil and gas revenues to 393 billion rubles amid lower oil prices.

By contrast, non-oil and gas revenues rose 4.5% to 1.969 billion rubles, supported by an 18.5% increase in turnover taxes, including VAT.

Federal expenditures amounted to 4.080 trillion rubles, down 1.4% year-on-year, reflecting a high base in January 2025 when spending surged due to early contract payments.

The shortfall in oil and gas revenue was partly offset by National Welfare Fund transfers under the “budget rule,” ensuring the stability of the budget system despite volatility in energy receipts.



News Stream
Russia Government Budget Gap Widens in January-September
The Russian federal government recorded a budget deficit of RUB 5.2 trillion in January-September 2026, equivalent to 2.2% of GDP, up from RUB 3.5 trillion in the same period a year earlier, according to preliminary estimates from the Finance Ministry. The shortfall remains below the full-year target of RUB 7.3 trillion, or 3.2% of GDP. Federal expenditures climbed by 14.5% year-on-year to RUB 34.825 trillion, while revenues rose by 10% to RUB 29.639 trillion. Non-oil-and-gas revenues increased by 18.8% to RUB 24.168 trillion, partly offsetting a 17.2% decline in oil and gas revenues to RUB 5.471 trillion. The ministry attributed the drop in energy revenue partly to a lower average dollar exchange rate during the period and higher payments under the fuel price damping mechanism.
2026-10-12
Russia Government Budget Widens in January-August
The Russian federal government recorded a budget shortfall of RUB 5.8 trillion in January-August 2026, or 2.5% of the GDP, up from RUB 3.9 trillion in the same period a year ago, according to preliminary estimates. The figure remains well above the full-year target of RUB 3.8 trillion, equivalent to 1.6% of GDP. Federal expenditures climbed by 14.7% year-on-year to RUB 31.724 trillion, while revenues rose by just 9.2% to RUB 25.929 trillion. Non-oil-and-gas revenue climbed by 18.1% to RUB 20.9 trillion, partly offsetting a 16.7% decline in oil and gas revenue to RUB 5 trillion. Russia posted a budget surplus of RUB 660 billion in August, its biggest monthly surplus in a year, according to Bloomberg calculations based on Finance Ministry data, driven in part by dividend payments from state-owned banks and companies.
2026-09-09
Russia Federal Budget Gap Widens in January-June
The Russian federal government ran a budget deficit of RUB 5.73 trillion in January-June 2026, or 2.5% of the GDP, larger than RUB 3.39 trillion in the same period a year ago, according to preliminary estimates. Federal expenditures jumped by 16.1% year-on-year to RUB 24.35 trillion, while revenues rose by 5.8% to RUB 18.62 trillion.
2026-07-09