Russia is rapidly running out of money due to the collapse of oil revenues

Russia's energy revenues in 2026 may be 18% lower than planned. This will lead to an increase in the deficit to 3.5-4.4% of GDP, while the government had expected a figure of 1.6%, according to Reuters.

Total budget revenues will decline by 6% to 37.9 trillion rubles. Expenditures may exceed planned figures by 4.1-8.4%.

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The main factors putting pressure on the Russian economy are sanctions, high interest rates, and labor shortages. An additional blow was the strengthening of the ruble last year, as oil taxes are calculated in dollars but paid in Russian currency.

The Russian government currently has 4.1 trillion rubles in fiscal reserves. However, analysts at Alfa-Invest and VTB Bank warn that at the current rate of decline in revenues, these reserves could be depleted within a year.

The Kremlin's plans to cut military spending are unrealistic.

Photo: TSN.

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