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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Türkiye says it's working towards "unblocking" the process of prisoner exchanges with Moscow and would hold further meetings in the Middle East.
Russian President Vladimir Putin and Kazakh President Kassym-Jomart Tokayev signed a Declaration on Comprehensive Strategic Partnership on Wednesday, marking a significant step in enhancing the bilateral ties between the two nations.
Two earthquakes centered in Cyprus on Wednesday were felt across northern and central regions of Israel, raising concerns among residents in both countries. The first tremor occurred at 11:31 a.m., with the epicenter near Paphos, Cyprus, at a depth of 21 kilometers.
Russia’s Foreign Minister Sergei Lavrov has urged the U.S. to avoid actions that could intensify the war in Ukraine, citing President Donald Trump’s past support for dialogue.
Russia has expressed its readiness to resume peace talks with Ukraine in Istanbul, according to a statement by a Russian foreign ministry official, Alexei Polishchuk, quoted by the state news agency TASS on Wednesday.
Streets and homes in Taiwan's Yilan County were left inundated with mud and rubble on Wednesday (12 November) after floodwaters swept through residential areas, forcing residents to wade through puddles of water and clear debris from damaged homes.
Iceland has classified the possible collapse of a major Atlantic Ocean current system as a national security risk and existential threat, as concerns grow over the impact of warming Arctic waters.
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Despite promises of recovery from the new government, Germany’s economy continues to stagnate, with no signs of renewed momentum. According to the latest report from the German Chamber of Industry and Commerce (DIHK), the country still lacks the drive needed for a genuine economic rebound.
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