FX.co ★ Russian Federal Budget Deficit Widens in Jan-May

In the first five months of 2025, the Russian Federal Government recorded a budget deficit of RUB 3.4 trillion, equivalent to 1.5% of the country's GDP. This is a significant increase from the RUB 730.4 billion deficit observed during the same timeframe last year, which represented only 0.4% of GDP, according to preliminary figures released by the finance ministry. The ministry attributes this substantial rise primarily to accelerated expenditure in January and reduced oil and gas revenue. Despite these factors, the ministry assures that the achievement of the structural balance targets for the entire year remains on track. Additionally, government expenditures witnessed a 20.7% surge, while revenues saw a modest increase of 3.1%.