Russia’s federal budget deficit reached 4.6 trillion rubles (approximately $59 billion) in the first quarter of 2026, according to preliminary data from the Ministry of Finance. This figure nearly doubles the deficit recorded during the same period in 2025, which stood at 2 trillion rubles.
The ministry noted that the current deficit has already surpassed the total annual target for 2026, which was set at 3.8 trillion rubles. Officials attribute the significant deficit to “accelerated financing of expenditures.”
Expenditures for the first three months amounted to 12.8 trillion rubles, marking a 17% increase from the previous year’s figure of 11 trillion rubles. In contrast, federal budget revenues totaled only 8.3 trillion rubles, reflecting an 8.2% decline compared to last year’s 9 trillion rubles.
Oil and gas revenues for the quarter were reported at 1.4 trillion rubles, down 45.4% from 2.6 trillion rubles in the same period of 2025. The Ministry of Finance linked this decline primarily to falling oil prices.
According to the Russian publication RBC, the shortfall in oil and gas revenues for the first quarter reached 569.7 billion rubles. Despite a recent spike in Russian oil prices following the U.S. and Israeli operations against Iran, these new prices have yet to positively impact budget revenues.
In March, Ukraine intensified its attacks on key Russian export ports, including Ust-Luga and Primorsk on the Baltic Sea, as well as Novorossiysk on the Black Sea. The BBC reported, citing the Finnish Centre for Research on Energy and Clean Air, that oil and fuel shipments at Baltic ports decreased by 53% from the previous year between March 23 and March 30.
Russia's federal budget deficit has dramatically increased in early 2026, reaching $59 billion, significantly exceeding annual projections. The rise in expenditures and a sharp decline in oil and gas revenues are key factors contributing to this financial strain.
Source: Настоящее время