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Russia's 2025 Budget Deficit Hits Record 5.6 Trillion Roubles

1/20/2026

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Summary

Story summary

In 2025, Russia posted a budget deficit of 5.6 trillion roubles, 2.6% of GDP, the highest since 2020.
The Ministry of Finance of the Russian Federation (Finance Ministry) raised the deficit target twice due to declining energy revenues, and analysts question the 2026 deficit goal.
Budget revenues fell 7.5% from initial targets, led by a 24% drop in oil and gas revenues.
Budget spending rose 6.8% from 2024.

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Story summary

In 2025, Russia posted a budget deficit of 5.6 trillion roubles, 2.6% of GDP, the highest since 2020.
The Ministry of Finance of the Russian Federation (Finance Ministry) raised the deficit target twice due to declining energy revenues, and analysts question the 2026 deficit goal.
Budget revenues fell 7.5% from initial targets, led by a 24% drop in oil and gas revenues.
Budget spending rose 6.8% from 2024.