January–August 2026 · execution so far this year (preliminary), 10 Sep 2026
The budget month by month
Every month Minfin publishes the federal budget's revenue, spending and balance, cumulative from January. This page compares the current year with earlier ones and shows the budget law separately: plan and outturn are never mixed. Spending by section has not been published in the monthly data since 2022.
- Deficit, January–August 2026
- ₽5.8trnpreliminary
- January–August 2025: a deficit of ₽3.9trn
- Deficit for the whole of 2026 in the law
- ₽3.8trn
- law 426-FZ
- Revenue, January–August 2026
- ₽25.9trn
- oil and gas: ₽5.0trn (19.4% of revenue); a year earlier: 25.4%
- Spending, January–August 2026
- ₽31.7trn
- January–August 2025: ₽27.7trn
The budget law for 2026 sets an amount for the whole year, not for the months so far: compare it with the year's result.
Balance since January
The federal budget balance from January to each month, year by year: below zero is a deficit. 2026 is highlighted, 2025 is the dark line, other years are grey.
Oil and gas revenue
Federal oil and gas revenue from January, year by year. Below is the current year's table: all revenue, oil and gas, spending and balance.
2026 by month, cumulative
| Period | Revenue | Oil and gas | Spending | Balance | Balance, 2025 |
|---|---|---|---|---|---|
| January 2026 | ₽2.4trn | ₽393.3bn | ₽4.0trn | −₽1.6trn | −₽1.5trn |
| January–February 2026 | ₽4.8trn | ₽825.6bn | ₽8.1trn | −₽3.3trn | −₽2.4trn |
| January–March 2026 | ₽8.3trn | ₽1.4trn | ₽12.8trn | −₽4.5trn | −₽2.0trn |
| January–April 2026 | ₽11.7trn | ₽2.3trn | ₽17.5trn | −₽5.8trn | −₽2.9trn |
| January–May 2026 | ₽14.8trn | ₽3.0trn | ₽20.7trn | −₽5.9trn | −₽3.0trn |
| January–June 2026 | ₽18.6trn | ₽3.7trn | ₽24.4trn | −₽5.7trn | −₽3.4trn |
| January–July 2026 | ₽22.1trn | ₽4.6trn | ₽28.5trn | −₽6.4trn | −₽4.6trn |
| January–August 2026* | ₽25.9trn | ₽5.0trn | ₽31.7trn | −₽5.8trn | −₽3.9trn |
* Preliminary Minfin figures. A minus is a deficit. Amounts are cumulative from 1 January.
Oil and gas revenue by tax, by year, ₽ bn
Sums of Minfin's monthly figures. The damper and other refunds reduce revenue and carry a minus. “Above base” is revenue above the level at the fiscal rule's base oil price. A dot: the tax did not exist that year.
| Period | Total | Extraction tax | Export duty | Additional income tax | Damper | Other refunds | Above base |
|---|---|---|---|---|---|---|---|
| 2018 | 9,018 | 6,010 | 3,008 | · | · | · | 4,262 |
| 2019 | 7,924 | 5,972 | 2,276 | 101 | −282 | −143 | 2,957 |
| 2020 | 5,235 | 3,820 | 1,132 | 149 | 356 | −222 | −322 |
| 2021 | 9,056 | 7,111 | 2,225 | 1,009 | −675 | −613 | 3,167 |
| 2022 | 11,586 | 10,644 | 2,507 | 1,685 | −2,171 | −1,078 | 5,077 |
| 2023 | 8,822 | 9,465 | 977 | 1,293 | −1,589 | −1,324 | 822 |
| 2024 | 11,131 | 12,234 | 486 | 2,049 | −1,816 | −1,823 | 1,300 |
| 2025 | 8,477 | 8,739 | 458 | 1,614 | −882 | −1,452 | 84 |
| January–September 2026 | 5,471 | 6,422 | 426 | 841 | −1,221 | −997 | 165 |
Extraction tax: the mineral extraction tax (НДПИ); additional income tax: the tax on additional income from hydrocarbon extraction (НДД); other refunds: the excise refund on crude oil and the Кинв and Кврк coefficients. Source: Minfin, “Additional oil and gas revenue of the federal budget and its use”. The month the file is published in holds expected figures and is not shown.
Currency and gold bought and sold under the fiscal rule
When oil and gas revenue is above the base level, Minfin buys currency and gold for the National Wealth Fund; when it is below, Minfin sells. By month since 2018.
Bought (+) and sold (−), by month
| Month | Amount |
|---|---|
| September 2026 | ₽55.6bn |
| August 2026 | ₽136.2bn |
| July 2026 | ₽123.2bn |
| June 2026 | ₽208.2bn |
| May 2026 | ₽110.3bn |
| April 2026 | not published |
| March 2026 | not published |
| February 2026 | −₽226.8bn |
| January 2026 | −₽192.1bn |
| December 2025 | −₽123.4bn |
| November 2025 | −₽2.7bn |
| October 2025 | −₽13.9bn |
| September 2025 | −₽31.5bn |
| August 2025 | −₽6.2bn |
| July 2025 | −₽18.8bn |
| June 2025 | ₽28.3bn |
| May 2025 | ₽41.6bn |
| April 2025 | −₽35.9bn |
| March 2025 | ₽60.1bn |
| February 2025 | ₽66.5bn |
| January 2025 | ₽70.2bn |
| December 2024 | ₽114.4bn |
| November 2024 | ₽87.5bn |
| October 2024 | ₽71.8bn |
| September 2024 | ₽172.9bn |
| August 2024 | ₽24.7bn |
| July 2024 | ₽123.8bn |
| June 2024 | ₽71.1bn |
| May 2024 | ₽110.9bn |
| April 2024 | ₽235.3bn |
| March 2024 | ₽93.7bn |
| February 2024 | ₽73.2bn |
| January 2024 | −₽69.1bn |
| December 2023 | ₽244.8bn |
| November 2023 | ₽621.1bn |
| October 2023 | ₽398.7bn |
| September 2023 | ₽276.2bn |
| August 2023 | ₽40.5bn |
| July 2023 | −₽34.9bn |
| June 2023 | −₽74.6bn |
| May 2023 | −₽40.4bn |
| April 2023 | −₽74.6bn |
| March 2023 | −₽119.8bn |
| February 2023 | −₽160.2bn |
| January 2023 | −₽54.5bn |
| December 2022 | not published |
| November 2022 | not published |
| October 2022 | not published |
| September 2022 | not published |
| August 2022 | not published |
| July 2022 | not published |
| June 2022 | not published |
| May 2022 | not published |
| April 2022 | not published |
| March 2022 | not published |
| February 2022 | ₽634.7bn |
| January 2022 | ₽585.9bn |
| December 2021 | ₽502.0bn |
| November 2021 | ₽518.2bn |
| October 2021 | ₽317.6bn |
| September 2021 | ₽327.1bn |
| August 2021 | ₽315.9bn |
| July 2021 | ₽296.0bn |
| June 2021 | ₽220.9bn |
| May 2021 | ₽123.7bn |
| April 2021 | ₽185.7bn |
| March 2021 | ₽148.1bn |
| February 2021 | ₽45.6bn |
| January 2021 | ₽106.3bn |
| December 2020 | −₽50.8bn |
| November 2020 | −₽50.1bn |
| October 2020 | −₽126.9bn |
| September 2020 | −₽54.0bn |
| August 2020 | −₽64.9bn |
| July 2020 | −₽125.6bn |
| June 2020 | −₽203.7bn |
| May 2020 | −₽193.1bn |
| April 2020 | −₽77.8bn |
| March 2020 | ₽133.3bn |
| February 2020 | ₽214.2bn |
| January 2020 | ₽309.9bn |
| December 2019 | ₽195.5bn |
| November 2019 | ₽228.2bn |
| October 2019 | ₽212.7bn |
| September 2019 | ₽187.1bn |
| August 2019 | ₽246.2bn |
| July 2019 | ₽231.0bn |
| June 2019 | ₽310.3bn |
| May 2019 | ₽300.5bn |
| April 2019 | ₽255.4bn |
| March 2019 | ₽310.0bn |
| February 2019 | ₽194.0bn |
| January 2019 | ₽265.8bn |
| December 2018 | ₽366.1bn |
| November 2018 | ₽525.8bn |
| October 2018 | ₽475.7bn |
| September 2018 | ₽426.9bn |
| August 2018 | ₽383.2bn |
| July 2018 | ₽347.7bn |
| June 2018 | ₽379.7bn |
| May 2018 | ₽322.8bn |
| April 2018 | ₽240.7bn |
| March 2018 | ₽192.5bn |
| February 2018 | ₽298.1bn |
| January 2018 | ₽257.1bn |
National Wealth Fund
The Fund's size at the end of each month, and what it holds in accounts at the Bank of Russia, its liquid part; the rest is invested in shares, loans and deposits.
On 1 Sep 2026 the Fund held ₽13.2trn. In accounts at the Bank of Russia: ₽4.0trn.
| Date | Total | In accounts at the Bank of Russia |
|---|---|---|
| 1 Jan 2019 | ₽4.0trn | ₽2.4trn |
| 1 Jan 2020 | ₽7.8trn | ₽6.1trn |
| 1 Jan 2021 | ₽13.5trn | ₽8.7trn |
| 1 Jan 2022 | ₽13.6trn | ₽8.4trn |
| 1 Jan 2023 | ₽10.4trn | ₽6.1trn |
| 1 Jan 2024 | ₽12.0trn | ₽5.0trn |
| 1 Jan 2025 | ₽11.9trn | ₽3.8trn |
| 1 Jan 2026 | ₽13.4trn | ₽4.1trn |
| 1 Sep 2026 | ₽13.2trn | ₽4.0trn |
Bank of Russia key rate
The rate at which the Bank of Russia lends to banks; loan rates and the cost of government debt follow it. The chart starts in January 2022; the table lists every decision.
Rate from 27 Jul 2026: 14%.
| In effect from | Rate | Change |
|---|---|---|
| 27 Jul 2026 | 14% | −0.25 pp |
| 22 Jun 2026 | 14.25% | −0.25 pp |
| 27 Apr 2026 | 14.5% | −0.5 pp |
| 23 Mar 2026 | 15% | −0.5 pp |
| 16 Feb 2026 | 15.5% | −0.5 pp |
| 22 Dec 2025 | 16% | −0.5 pp |
| 27 Oct 2025 | 16.5% | −0.5 pp |
| 15 Sep 2025 | 17% | −1 pp |
| 28 Jul 2025 | 18% | −2 pp |
| 9 Jun 2025 | 20% | −1 pp |
| 28 Oct 2024 | 21% | +2 pp |
| 16 Sep 2024 | 19% | +1 pp |
| 29 Jul 2024 | 18% | +2 pp |
| 18 Dec 2023 | 16% | +1 pp |
| 30 Oct 2023 | 15% | +2 pp |
| 18 Sep 2023 | 13% | +1 pp |
| 15 Aug 2023 | 12% | +3.5 pp |
| 24 Jul 2023 | 8.5% | +1 pp |
| 19 Sep 2022 | 7.5% | −0.5 pp |
| 25 Jul 2022 | 8% | −1.5 pp |
| 14 Jun 2022 | 9.5% | −1.5 pp |
| 27 May 2022 | 11% | −3 pp |
| 4 May 2022 | 14% | −3 pp |
| 11 Apr 2022 | 17% | −3 pp |
| 28 Feb 2022 | 20% | +10.5 pp |
| 14 Feb 2022 | 9.5% | +1 pp |
The date is the day the new rate took effect.
The data is refreshed every night from Minfin and Bank of Russia files; the latest month of budget execution is August 2026. Hover over a number with a quality dot to see its document, file hash and archived copy.