President Vladimir Putin said Russian authorities were capable of managing the growing federal budget deficit and did not consider the situation critical.
The deficit rose by about 40% in January through July, reaching 2.8% of GDP. The original target for the whole of 2026 had been about 1.6% of GDP.
Russia’s public finances are under pressure in part from high spending linked to the war against Ukraine as the broader economy slows.
Russian authorities have raised taxes and increased government borrowing in recent years while maintaining high spending on defense and the security sector.