In October 2025, the federal budget of the Russian Federation experienced a significant decline in both commodity and non-commodity revenues. According to the Ministry of Finance of the Russian Federation, the budget received 2.1 trillion rubles in non-oil and gas revenues — a 4% decrease compared to October of the previous year. At the same time, commodity revenues plummeted by 27% year-on-year, leading to an overall reduction in total budget revenues by 12%.
This is reported by Finway
Decline in Oil and Gas Revenues and Increase in Deficit
The International Energy Agency notes that Russia’s earnings from the export of crude oil and petroleum products in October fell to $13.1 billion, which is $2.3 billion less than in the same period last year. Although for the first ten months of 2025, oil and gas revenues of the Russian Federation, according to the Ministry of Finance, still exceed last year’s figures by 11%, the negative trend is intensifying. In October, the budget once again turned deficit with an indicator of about 400 billion rubles, while the cumulative deficit from January to October rose to 4.2 trillion rubles.
The IEA reported that Russia’s revenues from the export of crude oil and petroleum products fell to $13.1 billion in October, which is $2.3 billion less than in October last year.
Record Bond Issuance and Plans to Sell Bonds in Yuan
Against the backdrop of a growing deficit, the Ministry of Finance of the Russian Federation conducted the largest placement of government bonds in history on the domestic market. In one day, bonds worth 1.86 trillion rubles were sold, allowing the budget to attract 1.75 trillion rubles (approximately $21.5 billion). Additionally, as early as December, the Russian Federation plans to issue government bonds in yuan for the first time to partially offset the record budget deficit. It is estimated that in 2025, the budget deficit of the Russian Federation could reach 5.7 trillion rubles ($70.3 billion), which is approximately 2.6% of the country’s GDP.