OrganisationRU

Russian Finance Ministry

Russia's federal ministry managing the state budget and publishing monthly revenue and spending data.

Russia's Finance Ministry reported a January-September 2026 deficit of 5.19tn roubles on 1 October, while its own forecast puts oil and gas income 1,335bn roubles below plan, yet the 2027 draft budget gives defence a record 17.1tn roubles.

Last refreshed: 12 October 2026 · Appears in 1 active topic

Key Question

How long can Russia's National Wealth Fund sustain the war before fiscal constraints force a change?

Timeline for Russian Finance Ministry

#29 14 Oct

Cut its oil and gas revenue forecast

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#28 9 Oct

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#28 30 Sept

Cut its 2026 oil and gas revenue forecast and published January-September figures

Russia-Ukraine War 2026: Russia plans record 17.1tn for defence

#27 13 Sept

Budget revenue rises as oil and gas receipts fall

Russia-Ukraine War 2026

#16 16 May

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Russia-Ukraine War 2026

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Background

Russia's Ministry of Finance, led by Anton Siluanov, runs the federal budget and publishes monthly figures on revenue, spending and the deficit. Those releases are one of the few regular official measures of what the war costs the Russian state.

In 2026 they have tracked a budget leaning ever more on non-energy taxes. Oil and gas, once the budget's core, are falling as sanctions and discounted crude sales bite, while defence spending keeps rising. The ministry reported a January-September deficit of 5.19tn roubles, and the draft budget for 2027 still allots a record 17.1tn roubles to defence.

The ministry's choice of how to fund that gap matters as much as its size. Sberbank said in July that it could no longer buy government bonds, which narrows domestic borrowing, so the ministry has drawn down the National Wealth Fund instead. How long that buffer lasts sets the limit on Moscow's war spending.

Key Issues

War budget

Its own figures show energy income shrinking

The ministry's monthly releases have charted a steady loss of oil and gas income. On 8 May it reported that energy revenue fell 38.3% year on year over January to April, and the first-quarter deficit alone exceeded the full-year target.

By August the pattern had shifted rather than eased. Federal revenue for January to August reached 25.93tn roubles, up 9.2%, but only because non-oil taxes rose 18.1% while oil and gas receipts fell 16.7%. The ministry now forecasts 7,584bn roubles from oil and gas for 2026 and says it is covering the gap mostly without new bond sales, drawing instead on the National Wealth Fund.

Common Questions

How much have Russia's oil revenues fallen in 2026?

Russia's Finance Ministry published data in May 2026 showing oil and gas revenues fell 38.3% year-on-year in January-April 2026 to 2.3 trillion roubles ($30.77bn), against a baseline of 2.8 trillion roubles.Source: Russian Finance Ministry

How much money does Russia have left in its National Wealth Fund?

Russia's NWF held $49.1 billion in liquid assets on 1 May 2026. Russia's Economic Development Ministry projected the liquid share could fall to $12.5 billion by year-end 2026 — roughly a quarter of its early February value.Source: Russian Finance Ministry / Economic Development Ministry

Who is Russia's Finance Minister?

Anton Siluanov has served as Russia's Finance Minister since 2011, managing Russia's finances through multiple rounds of Western sanctions and overseeing the National Wealth Fund drawdowns that fund wartime spending.

Why is Russia's budget deficit growing so fast in 2026?

Russia's Q1 2026 budget deficit exceeded the full-year target because oil and gas revenues fell 38.3% year-on-year (from lower crude prices and export disruption), while federal spending rose 15.7% year-on-year driven by military expenditure.Source: Russian Finance Ministry

Why did Russia's oil and gas revenue fall in 2026?

Western sanctions and discounted crude sales cut Russia's oil and gas revenue by 16.7% year on year in the first eight months of 2026, the Finance Ministry reported.

How much did Russia's federal budget revenue grow in 2026?

Russia's Finance Ministry reported federal budget revenue of 25.93 trillion roubles for January to August 2026, up 9.2% year on year.

What is Russia's 2026 federal budget deficit?

Russia's budget deficit reached 5.79 trillion roubles, or 2.5% of GDP, for January to August 2026, as spending outpaced revenue growth.

Source Material

Russia's January Budget Deficit Hits Nearly Half of Annual Target Russia's budget deficit at $67.56 bln, 2.5% of GDP in January-August Ministry of Finance (Russia)