Russia burns through $54 billion in just 7 months, Ukraine says
Photo: Vladimir Putin (kremlin ru)
Russia's budget deficit hit $13 billion in July, totaling $54 billion since the start of the year, says Andriy Yermak, the head of the Office of the President.
According to Yermak, Russia's budget deficit for January–July 2025 reached $54 billion, exceeding the government's full-year projections.
In addition, spending increased by 20.8% year-on-year, while revenues grew only 2.8%.
"Russia's budget today is a bubble," Yermak stated.
Russia's budget problems
Earlier, The Economist reported that Russia's economic growth has dropped to zero. According to a high-frequency index compiled by Goldman Sachs, the country's annual GDP growth fell from around 5% to 0%.
It's also worth noting that in July, the European Union introduced its 18th package of sanctions against Russia and lowered the oil price cap from $60 to roughly $47.60 per barrel.
According to Bloomberg, Russia's oil revenues fell by one-third in July due to the drop in global crude oil prices.
