Russia’s government budget plunged into a deeper deficit in February, after Western sanctions almost halved oil and gas revenues in the first two months of the year
Russia’s government budget plunged into a deeper deficit in February, heaping pressure on the Kremlin to square the ballooning costs ofThe soaring budget hole comes after both the Russian economy and the state have weathered Western sanctions better than expected during the first year of the war.
Some economists have warned the pain would rise as time went by, with new sanctions targeting Russia’s ability to turn its extensive natural resources into cash—historically its main source of revenue.
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