The Russian Ministry of Finance revealed, on Sunday, that the cumulative federal budget deficit has increased to approximately $70 billion from January to August last, equivalent to 2.5 percent of the gross domestic product, significantly exceeding the original annual target.
The Russian Ministry of Finance said in a press release that the deficit recorded over the eight months exceeded the ceiling set in the budget law, with the annual target ranging between approximately $42 and $45 billion, reflecting the rising pressure on Russia's public finances this year, according to official government data.
