Russian Federation Government Budget Value

The Russian Federal Government recorded a budget deficit of RUB 1.71 trillion in January of 2025, or 0.8% of the GDP, widening sharply from RUB 124 billion in the same month a year ago, according to preliminary data from the finance ministry. The January shortfall figure exceeded the plan of 0.5% of GDP for the full year. Overall spending jumped by 73.6% to RUB 4.4 trillion, mainly due to defense costs related to the prolonged war in Ukraine. Meanwhile, budget revenues rose 11% year-on-year to RUB 2.67 trillion, as oil and gas revenues increased by 17%. The government expects spending this year to increase to RUB 41.47 trillion, of which 41% will be spent in defence and security. Rising tax revenues are seen narrowing the fiscal deficit to 0.5% of GDP.