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Russia's federal budget returned to a monthly deficit in October, while annual inflation eased further and the nine-month trade surplus widened.
The federal budget ran a deficit of 5.234 trillion rubles (about $63bn), or 2.3% of GDP, in January–October, according to preliminary Finance Ministry data, compared with 3.942 trillion rubles, or 1.8% of GDP, a year earlier; based on the nine-month figure, October alone showed a deficit of 48bn rubles after surpluses in August and September. Revenues rose 11% year on year to 33.176 trillion rubles, driven by non-oil and gas income, with VAT receipts up 27.8%, while oil and gas revenues fell 14.1% to 6.442 trillion rubles and spending grew 13.4% to 38.41 trillion rubles. The ministry's full-year estimate, raised in September, stands at 7.345 trillion rubles, or 3.2% of GDP, against 1.6% of GDP in the original budget law; the ministry notes that spending may be increased using additional non-oil and gas revenues or other deficit financing of up to 3 trillion rubles.
Source: Interfax, 10 Nov 2026
Consumer prices fell 0.04% in the week of 27 October to 2 November after a 0.08% rise the week before, Rosstat reported, and the Economy Ministry estimates annual inflation slowed from 7.11% to 6.95%. Raiffeisenbank sees fuel as the main driver of further disinflation, with annual fuel price growth slowing to 14%, while PSB analysts point to continued food price increases for meat, eggs, fish and dairy. CBR Governor Elvira Nabiullina said on 9 November that supply-side constraints require a cautious approach to rate cuts, and the regulator's baseline scenario keeps the key rate in double digits throughout 2027.
Source: Kommersant, 10 Nov 2026
Russia's foreign trade surplus rose 13.2% year on year to $116.8bn in the first nine months of 2026, according to Federal Customs Service data, with exports up 13.7% to $346.5bn and imports up 14.1% to $229.7bn. Exports to Asia grew 17.7% to $277.5bn, while exports to Europe rose 2.3% to $44.5bn and to the Americas fell 7.8% to $8.6bn. Imports of machinery, equipment and vehicles increased 16.1% to $112.4bn, and metal exports rose 21.8% to $63.5bn, underlining Asia's dominant role in both directions of Russian trade.
Source: Interfax, 10 Nov 2026
Non-financial companies sold $23.4bn of foreign currency in October, down slightly from $23.7bn in September but above the 12-month average of $20.5bn, while their total currency demand fell 28.8% to 1.0 trillion rubles (about $12bn), the Bank of Russia said in its financial market risk review. Households increased purchases by 12.7% to 103bn rubles, and the ruble continued to strengthen with higher volatility. The CBR has also stopped publishing data on the largest exporters' FX operations, stating that a substantial share of these transactions now runs through third-party organisations, and refers market participants to net sales by non-financial companies as the most complete indicator.
Source: Interfax, 10 Nov 2026
Sberbank's net profit under Russian accounting standards rose 17.6% year on year to 1,669.7bn rubles (about $20bn) in January–October, with October profit up 12.6% to 168.5bn rubles. Net interest income grew 23.7% to 3.1 trillion rubles, while net fee income fell 1.4%, and provisions and loan revaluation rose 35.7% to 609.1bn rubles. Return on equity reached 22.9% for the period; the bank attributed the weaker fee income to earlier changes in its transaction pricing.
Source: Interfax, 11 Nov 2026
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