Russia Budget Deficit Hits $45 Billion, Exceeding Full-Year Goal
- Spending surges amid war as oil, gas revenues drop 52%
- Finance Ministry says April trends show situation steadying
The Grand Kremlin palace, left, in Moscow
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Russia’s budget gap surged in the first four months of the year, exceeding the full-year target as spending surged amid the war in Ukraine and energy revenues plunged under pressure from sanctions and other restrictions.
The federal deficit hit 3.42 trillion rubles ($45.4 billion) in the period, beyond full-year plan of 2.9 trillion, the Finance Ministry said. Spending jumped 26% while revenues were down 22%, dragged lower as income from oil and gas fell by more than half from the year before.