Budget execution will even out during year, reach planned cash targets - Russian finance minister

MOSCOW. April 16 (Interfax) - The execution of the federal budget will even out during the year, and the results for Q1 were influenced by price conditions and active advance financing of expenditures, Finance Minister Anton Siluanov said.

"During the year, the situation will even out, and we will reach our planned cash targets," Siluanov said at the Moscow Exchange Forum.

He noted that "there is no need to be afraid of the deficit," as "there is nothing unpredictable here."

Oil and gas revenues at the beginning of 2026 decreased due to price conditions on the energy market. "The situation is now correcting itself," he said.

In addition, the Finance Ministry, as it has been previously, was quite active in advance financing in Q1 2026.

"There is nothing extraordinary with the budget. The first quarter, I repeat, is not an indicator. Perhaps we will make adjustments during the year. We have such adjustments every year. Second, we are dealing with expenditures, and this year it will be the same; we have a proposal for consolidation. And if we go to the market, we will do it very carefully, without harming the level of interest rates and the stability of the financial market. We understand this perfectly well," Siluanov said.

It was previously reported that the Russian federal budget in Q1 2026, according to preliminary data, was executed with a deficit of 4.6 trillion rubles or 1.9% of GDP.

Budget revenues decreased 8.2% in January-March 2026 compared to the same period last year and amounted to 8.3 trillion rubles. At the same time, oil and gas revenues decreased 45.4% to 1.4 trillion rubles amid falling oil prices. Expenditures in January-March increased 17% to 12.9 trillion rubles.

The budget law for the current year plans a deficit of 3.8 trillion rubles or 1.6% of GDP.