Russia's budget deficit has reached 6.46 trillion roubles over seven months.

Ukraine’s Foreign Intelligence Service reported this.

According to the Foreign Intelligence Service, Russian state spending over the first seven months of 2026 rose to 28.6 trillion roubles. In July alone, the budget deficit widened by a further 724 billion roubles.

At the same time, Russia is losing part of its oil and gas revenues. According to Ukrainian intelligence, these have fallen by 17%.

The Kremlin’s reserves are shrinking

The situation is compounded by a decline in the liquid portion of Russia’s National Wealth Fund. Around 3.69 trillion roubles now remain in it.

Against the backdrop of falling revenues, Moscow is looking for other sources to fill the budget. One of these, according to the Foreign Intelligence Service, could be yet another tax increase for the population and for business.

This comes after last year’s rise in the profit tax rate to 25%. New tax increases could be written into the draft budget for next year.

The Foreign Intelligence Service notes that a heavier tax burden will put additional pressure on the Russian economy, in particular by reducing consumer demand and slowing economic activity.

“At the current rate, it will become increasingly difficult for Russia’s Finance Ministry to sustain the present level of spending, and tax increases will inevitably lead to an even more pronounced slowdown in the aggressor state’s economy,” the Foreign Intelligence Service stressed.