Russia's Q1 Budget Deficit Hits USD58.3B
The shortfall widened by 2.62 trillion rubles compared with the same period a year earlier, with the ministry attributing the deterioration primarily to the front-loading of government expenditures.
The figures laid bare the mounting strain on Moscow's energy-dependent finances. Oil and gas revenues cratered 45.4% year-on-year to 1.44 trillion rubles in the January-March period, underscoring the fiscal cost of volatile global energy markets. Non-oil and gas revenues offered a partial offset, climbing 7.1% to 6.87 trillion rubles over the same stretch, though the gain fell well short of compensating for the collapse in hydrocarbon receipts.
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