In 2025, Russia recorded a budget deficit of 5.6 trillion rubles, equivalent to 2.6% of GDP, amid declining revenues from the energy sector.

The Russian Ministry of Finance announced that the budget deficit for 2025 has reached 5.6 trillion rubles (approximately 72.1 billion dollars), representing 2.6% of GDP, the highest level reported since 2020. Compared to the previous year, the deficit has significantly increased from 1.7% of GDP in 2024, and the government has been forced to adjust the deficit target twice, initially set at 1.2 trillion rubles. Total budget revenues were 37.28 trillion rubles, 7.5% below initial estimates, mainly due to a 24% decrease in revenues from the energy sector. Budget expenditures increased by 6.8%, reaching 42.93 trillion rubles, driven by higher spending on defense and social programs. To limit the deficit in 2026, the government has raised the value-added tax, but analysts are skeptical about achieving the deficit target of 1.6% of GDP, considering the low oil prices.