Russia reduced its projection for oil and gas income by 24%. Earlier, the Economy Ministry lowered its oil price forecast to US$56 per barrel from US$69.70, while also raising its inflation forecast to 7.6% from 4.5%.
The Russian Finance Ministry more than tripled its budget deficit target for this year after expectations for revenue and the price of oil were reduced amid US President Donald Trump's tariffs.
The government now plans to run a shortfall equivalent to 1.7% of gross domestic product compared with the initial 0.5%, the ministry said in a statement Wednesday. Revenue for the year is anticipated at 38.5 trillion rubles ($615 billion), lower than the originally targeted 40.3 trillion rubles.
