cross-posted from: mander.xyz/post/47031880

Russia’s federal budget posted a deficit of 1.718 trillion rubles ($22.3 billion) in January, nearly half of its full-year target, according to Finance Ministry data.

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Budget revenues totaled 2.362 trillion rubles ($30.7 billion) for the month, down 11.6% from a year earlier.

Oil and gas revenues fell by 50% to a five-year low of 393 billion rubles ($5.1 billion).

Non-oil and gas tax revenues rose 4.5% to 1.969 trillion rubles ($25.6 billion).

Value-added tax receipts jumped almost 25% to 1.13 trillion rubles ($14.7 billion) following an increase in the VAT rate to 22% from Jan. 1.

These were insufficient to offset the sharp decline in energy income, even as the Finance Ministry slightly reduced spending by 1.4% to 4.08 trillion rubles ($53.0 billion).

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Its 2026 budget sees the annual shortfall narrowing to 3.8 trillion rubles ($49.4 billion) in 2026 from 5.7 trillion rubles ($74.1 billion) last year.

However, a slump in prices for Russian crude and difficulties exporting oil to India could cause the deficit to exceed the plan by nearly threefold, a government official [said].

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