#Budget Deficit

In September 2026, Russia reduced its gold reserves to a low not seen since 2019 amid a budget deficit and war spending against Ukraine.

On the sidelines of the UN General Assembly, von der Leyen and Zelensky held tense negotiations: the EU tied further aid to reforms, disputed part of Ukraine's deficit calculations, and proposed that Canada, Norway, and Japan cover the additional needs.

Putin admitted that attacks on infrastructure are causing harm to Russia, but not critical. The budget deficit has grown by 70%, but oil revenues will allow the war to continue until spring. The Kremlin rejects freezing the conflict.

The rise in oil prices to $82 per barrel allowed Russia to secure additional revenues and delay an economic crisis, however, the budget deficit and AFU strikes on refineries maintain the threat of a fuel collapse.

Ukraine's budget in the first half of 2026 looks stable only thanks to grants: without them, the deficit would have been three times higher. Experts warn about the risks of a debt trap and dependence on external donors. 🇺🇦💸📉

Putin's optimism about the "resilience" of the economy is shattered by real figures: a budget deficit of 5.7 trillion rubles and a gasoline shortage in the regions. Experts note that the growth in lending is not development, but an increase in the debt burden on the population. 📉🇷🇺