Russia could see a $55 billion budget deficit in December. It posted a ~$9 billion surplus between January and November
- Dec 14, 2022, 7:00 AM CST
To fund the invasion of Ukraine, Russia is boosting its military and security spending which will represent around 30% of its 2023 budget.After months of budget surpluses thanks to soaring energy prices and a windfall tax on state giant Gazprom, Russia could see a huge budget deficit in December, to the tune of $55.2 billion , as its spending typically rises towards the end of each year, analysts say.
So far this year, Russia has posted monthly budget surpluses, according to data from the Russian Finance Ministry compiled by. But a large deficit is looming for December, as the spending typically accelerates in the fourth quarter, analysts say. “Overall, we do not share the opinion that the introduction of a price cap is an event that will lead to major consequences for the Russian economy,” Russia’s First Deputy Energy Minister Pavel Sorokin said last week.
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