Moscow, Sept. 20 (Petra) - Russia’s Ministry of Finance disclosed on Sunday that the country’s cumulative federal budget deficit reached approximately $70 billion between January and August, accounting for 2.5% of gross domestic product (GDP) and significantly exceeding the initial full-year target.

In a press release, the finance ministry said the eight-month deficit surpassed the limit set in the budget law, which established an annual target of $42 billion to $45 billion.

Official government data showed that the figures highlight mounting pressure on Russian public finances during the current fiscal year.

//Petra// AF