The decline in oil and gas revenues has created a hole in the Russian budget - intelligence.

The Foreign Intelligence Service reported that the Russian authorities plan to sell yuan and gold from the National Wealth Fund (NWF) for a total of 424.9 million US dollars. This will be done to cover the budget deficit that has arisen due to reduced revenues from the oil and gas sector. The fall in the price of Russian oil and the decrease in its production volumes are the main reasons for this decision. Another significant factor is the depreciation of the ruble. In particular, the FISU reported: 'As of April 1, oil production in Russia decreased by 17% in March, and for the first quarter of 2025 - by 10%.' For January-February 2025, the Russian budget deficit has risen to 44.58 billion US dollars, exceeding the liquid part of the NWF by 14%. It is important to note that the sale of yuan and gold from the fund is a temporary solution that will soon lead to further depreciation of the ruble. Analyzing the situation, it can be understood that Russia has lost a significant portion of revenues from the oil and gas sector in the first quarter of 2025 due to falling oil prices and production. This prompted the Russian authorities to sell assets from the National Wealth Fund to cover the budget deficit. However, the Ukrainian Foreign Intelligence Service predicts that this decision will have only a temporary effect on stabilizing the ruble exchange rate, and over the next few months, the ruble will continue to fall.