Russia’s budget deficit reached 4.2 trillion rubles (around $51.9 billion) in the first ten months of 2025, driven by rising government spending, according to data from the Finance Ministry released on Tuesday.
The deficit was $53.1 billion higher than in the same period last year. During the first ten months, budget revenues increased slightly by 0.8% year-on-year to $369.3 billion, while expenditures rose 15.4% to $421.2 billion.
The Finance Ministry noted that non-oil and natural gas revenues amounted to $276.7 billion, while oil and gas revenues contributed $92.6 billion.
The budget deficit-to-GDP ratio currently stands at 1.6%, with projections suggesting it could reach 2.6% by the end of 2025.
The rise in spending has been partly driven by defence-related expenditures since the start of the war in Ukraine in early 2022. Sanctions on Russia’s energy sector have also reduced the country’s access to European oil and gas markets, impacting overall revenues.
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Global leaders gathered in Baku this week for the 13th session of the World Urban Forum, where heads of state and senior officials warned that rapid urban growth is placing increasing pressure on housing, infrastructure and climate resilience.
The thirteenth session of the World Urban Forum (WUF13) has opened in Baku, bringing together governments, international organisations, city leaders and civil society to address mounting global urban challenges.
Kazakhstan, Uzbekistan and Tajikistan are negotiating summer water allocations as rising temperatures, agricultural demand and pressure on shared rivers intensify water security concerns across Central Asia.
Bulgaria has won the Eurovision Song Contest for the first time, taking victory in a final overshadowed by a boycott over Israel’s participation and the war in Gaza.
The World Urban Forum (WUF13) continues in Baku, Azerbaijan on 18 May, addressing the global housing crisis. The day’s agenda includes the official opening press conference, the WUF13 Urban Expo opening and a ministerial dialogue on the Nairobi Declaration to advance Africa's urban agenda.
U.S. President Donald Trump said on Monday he had paused a planned attack on Iran after appeals from the leaders of Qatar, Saudi Arabia and the United Arab Emirates, allowing negotiations to continue over a possible deal to end the conflict.
U.S. President Donald Trump says China's Xi Jinping agreed Iran must reopen the Strait of Hormuz, as Tehran prepares a new shipping mechanism. Tensions over the U.S. blockade and stalled nuclear talks continue to disrupt global oil supplies.
A 5.2 magnitude earthquake struck China’s Guangxi region early on Monday, killing two people and forcing more than 7,000 residents in Liuzhou to evacuate as rescue efforts continued.
Government bond markets from Tokyo to New York extended losses on Monday (18 May) as rising energy prices linked to the Middle East conflict heightened inflation concerns and reinforced expectations that major central banks could keep interest rates higher for longer.
Negotiations between Samsung Electronics and its workforce on Wednesday have broken down, officials said, raising fresh concerns over potential disruption to South Korea’s export-heavy economy.
By the time American shoppers began noticing higher prices on everything from trainers to televisions, the world's two largest economies were already deep in a trade war that left the world wondering how it would end.
The Strait of Hormuz remains a vital maritime chokepoint and serves as the primary artery linking the Persian Gulf to international energy markets. With approximately 20% of global oil and gas shipments transiting this waterway, it is the backbone of energy security for Asia, Europe, and beyond.
China’s exports grew faster than expected in April, as overseas buyers moved quickly to secure supplies amid fears that the conflict involving Iran could drive up global energy and transport costs.
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