Russian news agency Interfax reported that based on preliminary data, Russia's federal budget had exceeded the 4 trillion-ruble mark as of March 28, 2023. [1]In other words, in just three months, the deficit has already exceeded the amount approved in the budget law for all of 2023.
Igor Nikolayev, Head Researcher at the Institute of Economics of the Russian Academy of Sciences, looks at the publicly available budget figures (many previously available publications have gone dark ostensibly to combat the Western sanctions) and extrapolates from the January figures that the 2023 deficit will be massive. While the money squirreled away in the National Wealth
On January 16, 2023, Russia's Ministry of Finance reported that the average cost per barrel of Urals oil from December 15, 2022 to January 14, 2023 was $46.82 – a fall to a two-year low due to discounts and the strengthening of the ruble. The ministry said that these factors can largely influence the formation of the Russian budget. At this time, the cost of oil in rubles is
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