The economic problems generated by war and sanctions are increasingly affecting the finances of regions in Russia. In 2025, the cumulative deficit of regional budgets increased 3.6 times compared to the previous year, reaching 1.478 trillion rubles (approximately 16.26 billion euros), the highest level recorded so far.
The data was calculated by the AKRA rating agency based on information published on the single portal of the budgetary system, according to “Kommersant”.
Expenditures are growing faster than revenues
The sharp increase in the deficit is explained by the fact that the regions, with total revenues of 22.6 trillion rubles (approximately 248.6 billion euros), spent 24.1 trillion rubles (approximately 265.1 billion euros). As a result, 74 regions ended the year in the red, compared to 50 a year earlier.
Moscow, the largest “hole” in absolute figures
In absolute terms, the largest deficit was recorded in Moscow: 299 billion rubles (approximately 3.29 billion euros). Followed, at a distance, by the Yamalo-Nenets autonomous district: 84 billion rubles (approximately 0.92 billion euros) and Khanty-Mansi: 72 billion rubles (approximately 0.79 billion euros).
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