Russia ran a budget deficit of 3.4 trillion roubles ($43.3 billion), or 1.5% of gross domestic product, for the first five months of the year, the finance ministry said on Tuesday, citing preliminary data.

The budget shortfall is almost five times as wide as the same period of 2024, when Russia ran a deficit of 0.4% of GDP, or 730.4 billion roubles.

The ministry said the deficit was mainly caused by advance payments to finance budget spending in January and a decrease in oil and gas revenues.

Spending in the first five months of the year was 20.7% higher than in the same period of 2024, the ministry's data showed. Revenues for the period were 3.1% higher than a year ago. ($1 = 78.5000 roubles)

(Reporting by Darya Korsunskaya; Writing by Alexander Marrow; Editing by Mark Trevelyan)