Russia's Budget Woes Continue to Worsen in 2021.

Russia's budget deficit has exceeded the government's 2023 target in the first four months of the year due to wartime spending and falling energy revenues. The deficit rose to 3.42 trillion rubles ($45 billion) in January-April 2023, while revenues fell 22% to 7.8 trillion rubles and spending rose 26% to 11.2 trillion rubles compared to the same period last year. Oil and gas revenues dropped 52% to 2.3 trillion rubles, while non-oil and gas revenues increased by 5% to 5.5 trillion rubles.