The budget deficit of the Russian Federation has increased several times due to sanctions

The deficit in the Russian budget has increased sixfold

According to hvylya.net: The federal budget of the Russian Federation showed a deficit of $47.26 billion for the first half of this year, which is 1.7% of GDP – higher than last year ($6.7 billion), six times more. In June, the deficit increased by another $3.8 billion.

This has been reported by the Ukrainian Foreign Intelligence Service.

Reasons for the increase in the Russian budget deficit

The reason is the measures imposed by the West, which affect export revenues. Revenues from oil and gas decreased by 16.9% (to $60.6 billion), while non-oil and gas revenues cannot compensate for these losses. At the same time, expenditures increased by 20% and amounted to $272.2 billion.

According to the SBU, the Russian government is preparing to revise the budget in the autumn. It is expected to cut programs, increase borrowing, and use reserves. In addition, there is a risk of ruble devaluation. To supplement the budget, the Ministry of Finance of the Russian Federation plans to begin collecting tax debts from the population starting in November – through bank accounts and property.

'In connection with the government's focus on the military-industrial complex, Minister of Industry and Trade Alihanov acknowledged: the government cannot support struggling civil sectors. The transport engineering, metallurgy, construction, and woodworking industries have been particularly affected. Experts believe that the losses to the economy from sanctions could amount to between 7% and 14% of GDP ($350 billion),' the intelligence indicated.

The Ukrainian intelligence summarized information about the increase in the deficit of the Russian budget, emphasizing that this becomes a challenge for the country's economy and could have serious consequences for the ruble and Russian citizens.