In January-March 2026, the federal budget of the Russian Federation recorded a deficit of 4.6 trillion rubles, equivalent to approximately 59 billion dollars. This figure is nearly double that of the same period in 2025, when the deficit was 2.6 trillion rubles lower.
This is reported by Finway
Budget deficit exceeded planned limits
According to the Ministry of Finance of the Russian Federation, by the first quarter of 2026, the budget deficit had already surpassed the entire annual plan: a deficit of 3.8 trillion rubles was projected for the entire year. The ministry explains these high figures as “proactive financing of expenditures.”
The total expenditure for the first quarter reached 12.8 trillion rubles, which is 17% more than in the same period last year (11 trillion). In contrast, federal budget revenues amounted to only 8.3 trillion rubles, which is 8.2% less compared to 2025 (9 trillion).
Sharp decrease in oil and gas revenues
Oil and gas revenues for the first three months of 2026 amounted to 1.4 trillion rubles, which is 45.4% less compared to the first quarter of 2025 (2.6 trillion). The Ministry of Finance of the Russian Federation attributes this primarily to falling oil prices.
“The volume of unreceived oil and gas revenues in the first quarter reached 569.7 billion rubles. Following the start of the operation by the USA and Israel against Iran, as noted by the publication, the price of Russian oil sharply increased, however, the new prices have yet to impact budget revenues.”
In March, the Ukrainian side intensified attacks on key Russian export ports – Ust-Luga and Primorsk on the Baltic Sea, as well as Novorossiysk on the Black Sea. According to the Finnish “Centre for Research on Energy and Clean Air,” during the week from March 23 to March 30, oil and fuel shipments in Russian Baltic ports decreased by 53% compared to the same period last year.