In March 2012, Russia’s federal budget was executed with a surplus of RUR125bn ($4.26bn, or (EURO3.19bn), Finance Minister Anton Siluanov said at a scientific conference at the Higher School of Economics.

However, the result of the first quarter was a deficit of about RUR120bn ($4.1bn, or (EURO)3.1bn), he said.

In January-February 2012, the budget had a deficit of RUR245.34bn ($8.4bn, or (EURO)6.3bn), or 3% of GDP.