The war in Ukraine is costing Russia more than it generated from record oil and gas revenues, with the country’s budget gap widening significantly in 2022.
The public deficit for last year was Rbs3.35tn ($48bn) or 2.3 per cent of gross domestic product, according to finance minister Anton Siluanov. Before Russia invaded Ukraine in February last year, Moscow had predicted a budget surplus of 1 per cent and in December it forecast a deficit of 2 per cent.
This official admission of worsening public finances comes despite record oil and gas revenues as a result of persistently high energy prices and Moscow’s ability to redirect its oil exports to Asia.
您已阅读21%（655字），剩余79%（2436字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。