Core Insights - The Russian federal budget deficit for January to July 2025 decreased by approximately $47.6 billion year-on-year, primarily due to reduced oil and gas revenues [1] Budget Overview - Total budget revenue for the period was 20.315 trillion rubles (approximately $255.9 billion), reflecting a year-on-year increase of 2.8% [1] - Total budget expenditure reached 25.19 trillion rubles (approximately $317.3 billion), marking a year-on-year increase of 20.8% [1] - The budget deficit amounted to 4.88 trillion rubles (approximately $61.4 billion), which is a reduction of 3.78 trillion rubles (approximately $47.6 billion) compared to the same period last year [1] Revenue Breakdown - Oil and gas revenues for the federal budget totaled 5.52 trillion rubles (approximately $69.5 billion), showing a year-on-year decline of 18.5% [1] - The decline in oil and gas revenues is attributed to the strengthening of the ruble and falling oil prices [1] - Non-oil and gas revenues increased by 14% year-on-year, reaching 14.79 trillion rubles (approximately $186.3 billion) [1]