FX.co ★ Russian Federal Budget Deficit Jumps in Jan-April

According to preliminary data from the Russian Finance Ministry, the federal government reported a budget deficit of RUB 3.2 trillion during the first four months of 2025, equating to 1.5% of the GDP. This marks a significant increase from the RUB 1.5 trillion deficit recorded in the same timeframe the previous year, which accounted for 0.6% of GDP. The Finance Ministry attributes this surge primarily to expedited expenditure financing in January and a decline in revenues from the oil and gas sector. However, they have reassured that these factors will not impede the fulfillment of the structural balance target parameters for the entirety of 2025. Within this period, total government expenditure increased by 20.8% to RUB 15.5 trillion, while revenue experienced a 5% rise, reaching RUB 12.3 trillion.