Soaring government spending pushed Russia's budget deficit to 2.70 trillion roubles ($31.45 billion) in the first two months of 2025, the finance ministry said on Tuesday, adding that low oil prices could squeeze Moscow's crucial energy revenues.

Soaring government spending left Russia's budget deficit widening to 2.70 trillion rubles ($31.45 billion) in the first two months of 2025,

The finance ministry puts this year's early spending spree down to the advance payment of contracts that it says will not affect its target for a 2025 deficit of 0.5% of GDP

(Reuters) - Russia's budget deficit widened to 1.3% of gross domestic product (GDP) in the first two months of 2025, or 2.70 trillion roubles ($31.45 billion), the finance ministry said on Tuesday, as government spending remained elevated.

The Russian Ministry of Finance has reported a budget deficit of 2.7 trillion roubles (CAD 45 billion) in the first two months of 2025, more than double what was planned for the entire year. The main reasons cited are accelerated military spending and a downturn in oil prices.

Russia’s budget deficit for the first two months of 2025 reached 2.7 trillion rubles ($31.6 billion), driven by a 30.6% year-on-year increase in spending and more modest revenue growth, Finance Ministry data published Tuesday showed.