Russia’s budget deficit has already exceeded its full-year plan at the beginning of the year, according to data published by the Russian Finance Ministry.

In January-March 2026, the federal budget recorded a deficit of 4.58 trillion rubles (≈ $58 billion), which is 2.62 trillion rubles (≈ $33 billion) higher than in the same period last year.

The deficit has already exceeded the entire annual plan of 3.79 trillion rubles (≈ $48 billion).

We will see how removing sanctions on Russian oil influences their next quarter.