Russia's Budget Surplus Hits Highest in August
Russia recorded its largest monthly budget surplus in August 2026, driven by significant dividend payments from state-owned companies, despite a continued high overall deficit for the year. The federal budget deficit for January–August reached 5.8 trillion rubles, well above the annual target.
Consensus
- The federal budget of Russia was in surplus in August 2026.
- The surplus in August 2026 was 660 billion rubles.
- The deficit for January–August 2026 amounted to 5.8 trillion rubles.
- The deficit for January–August 2025 was lower than in the same period of 2026.
- Non-oil and gas revenues increased by 17–18.1% year-on-year.
- Oil and gas revenues decreased by 16.7% compared to the same period in 2025.
- Total expenditures increased by 14.7% to 16.5% year-on-year.
- The deficit for January–August 2024 was 1.5 times higher than the annual target.
- The surplus in August 2025 was 700 billion rubles.
- Dividend payments from state-owned companies contributed significantly to the August surplus.
Points of divergence
- The dividend payments in August amounted to 691 billion rubles. — vm
- Without the dividend payments, the budget would have remained in deficit by about 30 billion rubles. — tg_moscowtimes_ru
- The consolidated budget of Russia had a deficit of 5.307 trillion rubles in January–July 2026. — interfax
- The federal budget had a deficit of 6.4015 trillion rubles in January–July 2016. — interfax
- The federal budget had a deficit of 536.1 billion rubles in July 2026. — interfax
- The federal budget had a deficit of 140.1 billion rubles in July 2016. — interfax
- The increase in expenditures was due to 'operational contract conclusion and advance payment of certain contracted expenses'. — kommerant
- Government procurement volume increased by 36.2% year-on-year. — kommerant
- The Central Bank raised its inflation forecast for the end of 2026 to 6.6%. — kommerant
- The Central Bank reduced its GDP growth forecast for 2027 to 1.2%. — kommerant
- The Central Bank increased its key interest rate to 12.4%. — kommerant
- The federal budget surplus in August 2026 reached 660 billion rubles, compared to a deficit of 706 billion rubles in July. — vesti
Coverage (10 sources)
- In August, Russia's budget surplus became the largest for the year — Вести
- Bloomberg: Russia recorded the largest monthly budget surplus of the year — Вечерняя Москва
- «Hole» in Russian budget patched with funds from state companies — The Moscow Times
- Russia's budget deficit for eight months amounted to almost six trillion rubles — Вечерняя Москва
- Deficit of the Russian budget for eight months amounted to almost 6 trillion rubles — Коммерсантъ
- Deficit of consolidated budget of Russian Federation in January-July decreased to 5.3 trillion rubles — Интерфакс
- Oil and gas budget revenues of Russia decreased by 16.7% over 8 months — Вести
- Deficit of the Russian budget amounted to 2.5% of GDP — Вести
- Federal budget deficit reached 5.8 trillion rubles since the start of the year — Ведомости
- Deficit of the Russian Federation budget for eight months amounted to 5.8 trillion rubles, or 2.5% of GDP — Интерфакс