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.



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