Russia’s Federal Budget Deficit Reaches 5.2 Trillion Rubles

Russia’s Ministry of Finance has released data on the execution of the federal budget for January–October 2026. During the reporting period, the budget deficit amounted to 5.2 trillion rubles, equivalent to 2.3% of the country’s gross domestic product (GDP).

According to the ministry, federal budget revenues reached 33.176 trillion rubles in the first 10 months of 2026. This represents an 11% increase compared with the same period in 2025.

Meanwhile, budget expenditures amounted to 38.4 trillion rubles, up 13.4% from the corresponding period last year.

The Russian Ministry of Finance attributed the budget shortfall to increased spending on key priorities, combined with declining oil and gas revenues.

The ministry stated that these factors had led to certain deviations from the target indicators for the structural budget balance. According to preliminary forecasts, the structural deficit is expected to stand at 1.8% of GDP by the end of 2026.

The ministry also noted that the expansion of the structural deficit is being financed primarily without resorting to additional borrowing on the federal loan bond (OFZ) market. Such additional borrowing is capped at 1 trillion rubles.

According to the Russian Ministry of Finance, this approach is intended to preserve the availability of credit resources for the non-budgetary sector and maintain stability in financial markets.