Re: Ukraine war thread
Posted: Wed Oct 08, 2025 12:05 pm
Russia's federal budget revenues have fallen below last year's level !
Thread.
In September, revenues fell by (-1.2% y/y) to 3,211 billion rubles.
In real terms, revenues fell by 10%. This is a disaster; even inflation couldn't save them.
Oil and gas revenues fell by 25% in September.
Non-oil and gas revenues grew by only 6%, the smallest increase in 15 months.
The economy is beginning to collapse, and industry is deteriorating.
Budget expenditures grew by only 6% in September, compared to +20% in previous months.
Moscow is running out of money to finance the war. Spending has had to be drastically cut.
The budget surplus in September was only 406 billion rubles, compared to 606 billion rubles last year.
The sharp drop in revenues resulted in a one-third reduction in the surplus compared to last year.
September is always a surplus month in Russia.
January-September
Revenue +2.5%
Non-oil and gas revenue: -20.6%
Non-oil and gas revenue +13.2%
Expenses +19.5%
Deficit -3,787 (last year there was a surplus of 578 billion rubles)
Revenue is not growing