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Tax & Spend

Russia’s Deficit Hits $25 Billion as Energy Income Slumps

  • Taxes from oil and gas fell to 426 billion rubles in January
  • Russia is working on a new plan to assess price of its oil
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The Russian government’s oil and gas revenue slumped in January, contributing to the biggest budget deficit for the first month of the year since at least 1998. 

Tax revenue from oil and gas plunged 46% in January from a year ago, while there was a 59% increase in spending due to the war in Ukraine. The combination of those factors gave Russia a public deficit of 1.76 trillion rubles ($25 billion), the Finance Ministry said on Monday.