How to fund a two trillion-ruble shortfall

Alexander Kolyandr / Alexandra Prokopenko

30 May 2026

Hello! Welcome to your weekly guide to the Russian economy, written by Alexander Kolyandr and Alexandra Prokopenko and brought to you by The Bell. This week we discuss how the government plans to fund the spiralling costs of war — and why it spells more pain for the civilian economy.

Russia needs another $28 billion for Ukraine war

Moscow’s spending on the war in 2026 could turn out much higher than planned in the current budget. Back in February, the finance ministry estimated an extra 2 trillion rubles ($28 billion) would be directed towards the military and security services, with the extra outlays surging to 4 trillion rubles ($56 billion) in a worst-case scenario, according to a letter sent by Finance Minister Anton Siluanov, seen by the Financial Times. A source close to the government told The Bell that the document reported by the FT — which was sent by Siluanov to deputy PM Dmitry Grigorenko — was authentic.

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