Russia's war financing could run short by early 2028, KSE Institute says

Under its market-based scenario, Russia would run out of sufficient budget financing by early 2028, and each ruble raised would become more expensive, the KSE Institute said in a September report.

The federal budget deficit reached RUB5.8 trillion ($68.7bn) in January-August, 48% more than a year earlier, 3% more than the whole of 2025 and 20