Russia approves budget with $54.6 billion deficit: taxes rise, economy slows – intelligence

The Foreign Intelligence Service of Ukraine reports that the Russian government has approved the draft federal budget for 2026–2028 with a record deficit of $54.6 billion. Despite the Kremlin’s plans to increase the share of non-oil and gas revenues to 78%, economic growth is projected at only 1.3%. This was reported by the Foreign Intelligence Service of Ukraine, writes UNN.

DetailsTo cover the lack of resources, the Russian Ministry of Finance proposed a number of unpopular steps, for example, increasing VAT to 22%, lowering the threshold for the “simplified system” from $717 thousand to $120 thousand, and also canceling preferential insurance rates for small and medium-sized businesses.

At the same time, according to Ukrainian intelligence, the budget includes large-scale program expenditures: financing of the so-called “national projects” until 2030 is estimated at $492 billion (2.6 times more than in 2020–2025), another $120 billion is promised to be allocated to demographic initiatives and education development.

China canceled subsidies for russian copper and nickel, limiting the advantages of suppliers from the Russian Federation – intelligence24.09.25, 13:47 • 2940 views

However, intelligence points to an obvious contradiction: ambitious promises are voiced against the backdrop of falling oil and gas revenues (up to 22% of all revenues) and the actual loss of financial stability. The expansion of the deficit and tax increases are seen as a sign of a structural crisis and an attempt by the Russian authorities to mobilize the last available resources.

Tax pressure is growing in Russia: Foreign Intelligence Service stated that banks will be hit21.09.25, 16:15 • 6755 views