Russia’s Budget Gap Surges
Data released by the Russian Ministry of Finance indicates that federal revenues edged up slightly by 0.3% over the period, reaching 14.78 trillion rubles between January and May.
At the same time, government spending rose sharply by 17%, totaling 20.79 trillion rubles. As a result, the budget deficit expanded significantly, increasing by 98% to 6.01 trillion rubles.
Oil and natural gas income dropped notably, falling by 29.8% to 2.98 trillion rubles during the first five months of the year. This decline was attributed to weaker global oil prices earlier in the year. In contrast, revenues from non-oil and non-gas sectors grew by 12.4%, reaching 11.8 trillion rubles.
In recent years, Russian public spending has risen substantially, driven in large part by higher allocations to the defense industry. Meanwhile, sanctions imposed on the energy sector have reduced the country’s access to a significant share of the European oil and gas market.
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