Russia’s Budget Gap Hits Record 5.9 Trillion Rubles Despite Higher Oil Revenue
Russia’s budget deficit widened to a record in the first four months of the year despite a jump in oil revenue amid heightened tensions in the Middle East. The shortfall reached 5.9 trillion rubles ($79.5 billion), exceeding the government’s full-year plan.
The deficit was equal to 2.5% of gross domestic product, compared with a planned 1.6%. The figures underscore how stronger demand for Russian crude during the global energy crunch has not been enough to ease Moscow’s fiscal pressures amid continued heavy spending on its invasion of Ukraine.
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@staunovo#Russia’s budget gap widened to a record despite a jump in oil revenue amid heightened tensions in the Middle East. The deficit for the first four months of the year expanded to 5.9 trillion rubles ($79.5 billion), well above the full-year