In October 2025, the Russian Federation experienced a decline in non-commodity revenues to the federal budget for the first time this year. According to the Ministry of Finance of Russia, the volume of non-oil and gas revenues amounted to 2.1 trillion rubles, which is 4% less compared to the same period last year. At the same time, revenues from the oil and gas sector plummeted by 27% year-on-year, leading to an overall reduction in budget revenues of 12%.
This is reported by Business • Media
Decline in Revenues from Oil and Oil Product Exports
The International Energy Agency reports that in October 2025, Russia’s revenue from the export of crude oil and oil products decreased to $13.1 billion. This is $2.3 billion less than in the same month last year. Despite the Russian Ministry of Finance’s claims of an 11% increase in total oil and gas revenues over the first ten months of 2025 compared to 2024, the negative trend is intensifying. In October, the Russian budget again turned deficit: the shortfall amounted to about 400 billion rubles, and since the beginning of the year, the deficit has already reached 4.2 trillion rubles.
“According to the Russian Ministry of Finance, in October, the federal treasury received ₽2.1 trillion in non-oil and gas revenues – 4% less than in October of the previous year. Meanwhile, commodity revenues collapsed by 27% year-on-year, resulting in a total decline in revenues to the Russian budget of 12% year-on-year.”
Record Bond Issuance and Deficit Prospects
To balance the growing budget deficit, the Ministry of Finance of Russia conducted the largest bond issuance in history on the domestic market. In just one day, bonds worth 1.86 trillion rubles at face value were sold, allowing the government to raise 1.75 trillion rubles (about $21.5 billion). Additionally, Russia plans to issue state bonds denominated in yuan for the first time in early December, attempting to attract additional funds to cover the record deficit. It is projected that in 2025, Russia’s budget deficit could reach 5.7 trillion rubles ($70.3 billion), which is equivalent to approximately 2.6% of the country’s GDP.