Russia Federal Budget Gap Soars in January-April

The Russian federal government recorded a budget deficit of RUB 5.88 trillion in January-April 2026, or 2.5% of the GDP, up from RUB 3.23 trillion in the same period a year ago, according to preliminary estimates. This marked the largest budget gap since at least 1996. Federal revenues dropped by 4.5% year-on-year to RUB 11.721 trillion while expenditures jumped by 15.7% to RUB 17.598 trillion

The Russian federal government posted a budget deficit of RUB 3.449 trillion in January-February 2026, or 1.5% of the GDP, up from RUB 2.701 trillion in the same period a year ago, according to preliminary estimates. Federal revenues slipped by 10.8% year-on-year to RUB 4.767 trillion while expenditures rose by 5.8% to RUB 8.216 trillion.

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.