Russia’s federal budget deficit for the first half of 2025 was 3.7 trillion roubles (about US$47 billion), or 1.7% of the country’s GDP.

Source: The Moscow Times, citing data from the Russian Ministry of Finance

Details: This amount is six times higher than in the first half of 2024 (0.6 trillion roubles, or US$7.6 billion – 0.3% of GDP).

Most notably, in June 2025, the Russian budget deficit increased by 300 billion roubles (US$3.8 billion).

Meanwhile, the Russian Federation’s federal budget expenditures of the past six months amounted to 21.3 trillion roubles (about US$270 billion) – the updated plan for the year is 42.3 trillion roubles, which is approximately US$536 billion. In addition, revenues amounted to 17.6 trillion roubles, which is roughly US$223 billion (the plan for the year is 38.5 trillion roubles, or US$488 billion).

Moreover, Russia recently revised its 2025 budget law due to falling oil and gas revenues, increasing expenditures by 0.8 trillion roubles (US$10 billion) and reducing revenues by 1.8 trillion roubles (US$22.8 billion).

As a result, in just six months, the federal budget deficit approached the figure planned for the end of the year (3.8 trillion roubles – US$48 billion, or 1.7% of GDP).

Background:

Elvira Nabiullina, head of the Central Bank of Russia, said that the resources that allowed the Russian economy to show growth for two years amid a full-scale war against Ukraine and sanctions have been exhausted.Russia’s oil and gas revenues in June fell by 33.7% year-on-year to 494.8 billion roubles (US$6.29 billion), the lowest figure since January 2023.

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