UPDATE 1-Russia's 2023 budget deficit totalled 1.9% of GDP after late spending jump

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Russia recorded a budget deficit of 1.9% of gross domestic product (GDP) in 2023, the finance ministry said on Thursday, a slight improvement on 2022 but below the government's original target. A 25% increase in non-oil and gas revenues in 2023 counteracted a 23.9% drop in energy revenues as Western sanctions, including an oil price cap and embargo, sought to deprive Moscow of funds to prosecute the war in Ukraine.