Russia's budget deficit reached 3.69 trillion roubles ($46.89 billion), or 1.7% of gross domestic product (GDP), in the first half of the year, the same as expected for the full year, the finance ministry said.
The deficit for the first half of the year was higher than in the first five months of 2025, when it stood at 1.5% of GDP. In the first half of 2024 the deficit stood at 0.3% of GDP.
The ministry said that fiscal spending in the first half grew by 20.2% while revenues increased by only 2.8%. Russia's energy revenues fell by 17% compared to the same period last year.
Russia raised the 2025 budget deficit estimate to 1.7% of gross domestic product in April from 0.5% after reducing the energy revenue forecast by 24%, expecting a prolonged period of low oil prices.
State spending on national defence was hiked by a quarter in 2025 to 6.3% of GDP, the highest since the Cold War, as the country continued its war in Ukraine, now in its fourth year.
The government is planning to tap its fiscal reserves for 447 billion roubles, or about one-tenth of its liquid assets, to balance the budget in 2025. The Finance Ministry is planning another revision of the budget in autumn.
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Ukraine has regained control of 480 sq. km (185 sq. miles) of territory in the southeastern and eastern parts of the front since late January, its Army Chief Oleksandr Syrskyi said, adding that Russia was continuing its spring offensive.
Iran’s Permanent Mission to the United Nations in New York has warned that U.S. President Donald Trump’s threat to attack civilian infrastructure risks dragging the region into an “endless war,” calling for immediate action by the world body.
Russia and Tajikistan are discussing the construction of large-scale solar power plants with a total capacity of up to 500 megawatts. The initiative builds on a memorandum signed in 2025, with both sides now working on implementation details and potential locations for the facilities.
Kyrgyzstan is considering a referendum on building a nuclear power plant as it seeks long-term solutions to rising energy demand, though officials stress discussions remain at an early stage.
The crew of Artemis II mission are entering a pivotal phase of their journey, as they prepare to swing around the Moon and head back towards Earth. Now on the fifth day of their 10-day mission, the four astronauts are already witnessing views no human has ever seen.
U.S. President Donald Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow night," warning Tehran it had to make a deal by Tuesday night or face wider bombing raids.
A new proposal to end hostilities between the United States and Iran could come into effect as soon as Monday, potentially reopening the vital Strait of Hormuz, a source familiar with the plan said on Monday.
U.S. President Donald Trump threatened Iran's "whole civilisation" on Tuesday in a post on social media. Meanwhile, the UN failed to reach an agreemement on a resolution aimed at reopening the Strait of Hormuz, after China and Russia used their vetoes.
As Hungary approaches a crucial vote, younger citizens who grew up under Prime Minister Viktor Orbán are increasingly backing the opposition, with some saying they may leave if he secures another term.
Major automakers showcased new electric vehicles at the New York Auto Show this week, under the slogan “electrification is the future." However, weakening demand in the United States and intense competition with China are raising questions for markets across the globe, including the South Caucasus.
The U.S. national average retail price of petrol rose above $4 a gallon for the first time in over three years on Monday (30 March), according to GasBuddy data, as the U.S.–Israeli war with Iran continued to roil global energy markets.
Japan and Indonesia will deepen coordination on energy security, Tokyo said, as the U.S.-Israeli war on Iran disrupts vital oil and gas flows to Asia.
China's three largest state-owned airlines have issued warnings regarding their financial outlook for the current year, acknowledging that the eruption of war involving Iran has driven jet fuel prices to unsustainable highs.
Stock markets across Asia fell on Monday as escalating conflict involving Iran drove oil prices sharply higher, fuelling fears of inflation and a potential global recession, with investors reacting to disruption risks in the Strait of Hormuz and prolonged hostilities.
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