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flag Russia’s 2025 budget deficit hit 5.65 trillion rubles, its largest since 2020, due to falling oil/gas revenues and rising spending.

flag Russia's federal budget recorded a 5.65 trillion ruble deficit in 2025, equivalent to 2.6% of GDP, the largest since 2020, driven by a 23.8% drop in oil and gas revenues to 8.48 trillion rubles due to lower global prices and sanctions. flag Despite a 1.6% rise in total revenue to 37.28 trillion rubles, expenditures grew 6.8% to 42.93 trillion rubles. flag Non-oil and gas revenues rose 12.6%, but overall fiscal pressure remains high, with analysts warning that current budget assumptions are overly optimistic. flag The deficit could grow if oil prices and the ruble remain at current levels, potentially depleting much of the National Wealth Fund.

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