Crisis Ahead: The Budget Deficit of Russian Regions Soared to a Record High 0 12

By the end of 2025, the total budget deficit of Russian regions amounted to 1.538 trillion rubles (0.7 percent of GDP). These preliminary data were published by the Ministry of Finance. As noted by the media, this result is a record in history in nominal terms and is close to the maximum level in percentage terms.

A year earlier, the regional budget deficit was 298 billion rubles, which is five times less; in 2023, it was 200 billion, and in 2022, there was a surplus of 51 billion.

The federal budget deficit in 2025 was 5.645 trillion rubles, in 2024 it was 3.485 trillion, in 2023 it was 3.23 trillion, and in 2022 it was 3.3 trillion rubles.

In the middle of last year, some analysts did not rule out that by the end of the 12 months, the federal budget deficit could reach seven or even eight trillion rubles. Nevertheless, by the end of the year, the Ministry of Finance managed to stay within the September forecast. In January, MMI suggested that this result was made possible by shifting part of the total deficit to the regional level.

Earlier, Reuters, citing a source close to the government, reported that the financial bloc fears an increase in the federal budget deficit in 2026 to 10.5 trillion rubles, which is three times higher than planned. This situation could arise if problems with the volumes and prices of exported oil persist.