Russia’s budget deficit will be 2% of GDP in 2023, falling to 0.7% in 2025, according to Prime Minister Mikhail Mishustin on Tuesday.

Mishustin stated on television that the budget gap would be mostly filled by borrowing. For the first time since Russia pushed tens of thousands of troops into Ukraine, triggering unprecedented Western sanctions that have kept Moscow out of international debt markets, the Finance Ministry returned to domestic debt markets last week.

Mishustin’s prediction that Russia would run a budget deficit for at least the next three years came just two weeks after President Vladimir Putin said Russia would post a surplus in 2022, contrary to most expectations.

Mishustin estimated government revenues of around 26 trillion roubles ($433.6 billion) versus outlays of 29 trillion roubles for 2023 ($483.7 billion).

The government deficit will come in at 1.4% of GDP in 2024, falling to 0.7% of GDP in 2025, Mishustin said.