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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In 2025, Ukraine lived two parallel realities: one of diplomacy filled with staged optimism, and another shaped by a war that showed no sign of letting up.
President Volodymyr Zelenskyy outlined for the first time the main points of a draft 20-point framework peace proposal discussed by Ukraine and the United States, which he said could become the basis of future agreements to end war with Russia.
It’s been a year since an Azerbaijan Airlines plane crashed near Aktau, Kazakhstan, killing 38 people. Relatives and loved ones mourn the victims, as authorities near the final stage of their investigation.
A majority of Russians expect the war in Ukraine to end in 2026, state pollster VTsIOM said on Wednesday, in a sign that the Kremlin could be testing public reaction to a possible peace settlement as diplomatic efforts to end the conflict intensify.
Thailand and Cambodia both reported fresh clashes on Wednesday, as the two sides prepared to hold military talks aimed at easing tensions along their shared border.
Military representatives from Cambodia and Thailand met in Chanthaburi province on Wednesday ahead of formal ceasefire talks at the 3rd special GBC meeting scheduled for 27th December.
Libya’s chief of staff, Mohammed Ali Ahmed Al-Haddad, has died in a plane crash shortly after departing Türkiye’s capital, Ankara, the prime minister of Libya’s UN-recognised government has said.
It’s been a year since an Azerbaijan Airlines plane crashed near Aktau, Kazakhstan, killing 38 people. Relatives and loved ones mourn the victims, as authorities near the final stage of their investigation.
China has given the nod for car makers to sell Level 3 self-driving vehicles from as early as next year after it approved two electric sedans from Changan Auto and BAIC Motors.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
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