(MOSCOW) – Russia’s regional governments recorded a combined budget deficit of 1.48 trillion rubles in 2025, equivalent to approximately 19.2 billion US dollars at current exchange rates, according to the Kommersant business daily. The shortfall marks a record high as expenditure continued to exceed revenue growth. The number of regions running deficits rose sharply from 50 in 2024 to 74 by the end of 2025. Russia has 83 federal subjects, meaning the large majority are now facing fiscal strain. Several…