Soaring government spending pushed Russia's budget deficit to 2.70 trillion roubles ($31.45 billion) in the first two months of 2025, the finance ministry said on Tuesday, adding that low oil prices could squeeze Moscow's crucial energy revenues.

The deficit for the first five months of fiscal 2025 came to $1.147 trillion, up 38%, or $318 billion, from a year earlier.

The U.S. debt and deficit problem worsened during President Donald Trump's first month in office, as the budget shortfall for February passed the $1 trillion mark even though the fiscal year is not yet at the halfway point.

Russia's budget deficit widened to 1.3% of gross domestic product in February, or 2.70 trillion roubles ($31.45 billion), the finance ministry said on Tuesday, as government spending remained elevated.

The Russian Ministry of Finance has reported a budget deficit of 2.7 trillion roubles (CAD 45 billion) in the first two months of 2025, more than double what was planned for the entire year. The main reasons cited are accelerated military spending and a downturn in oil prices.

Russia’s budget deficit for the first two months of 2025 reached 2.7 trillion rubles ($31.6 billion), driven by a 30.6% year-on-year increase in spending and more modest revenue growth, Finance Ministry data published Tuesday showed.

The U.S. budget deficit for the first five months of fiscal 2025 hit a record $1.147 trillion, the Treasury Department said on Wednesday, including a $307 billion February deficit for President Donald Trump's first full month in office that was up 4% from a year earlier.