An oil price cap imposed by the G7 countries, in cohesion with the EU and Australia, is reportedly causing an economic pinch due to lack of export income.
Finance Minister Anton Siluanov said Tuesday that Russia's budget deficit could, Reuters reported, imposing additional financial uncertainty amid continued costs spent toward military operations against Ukraine.
"Is a bigger budget deficit possible? It is possible, if revenues are lower than planned," Siluanov told reporters."What are the risks next year? Price risks and restrictions." He also alluded to changing macroeconomic conditions, citing rising inflation and more resources required to support Russian families.
Russia's Deputy Prime Minister Andrei Belousov, left, attends the 29th APEC Economic Leaders Meeting during the Asia-Pacific Economic Cooperation summit in Bangkok on November 19. Russian President Vladimir Putin, right, delivers a speech during the Informal Summit of the Commonwealth of Independent States on December 26 in Saint Petersburg, Russia. Belousov on Tuesday announced an expected Russian budget deficit for 2023.
"Under the terms of the decree, there is a ban on supplying oil and oil products to the countries and entities that demand compliance with the price cap introduced by the
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