The decline in coal, oil and gas exports to Western countries weighs on the accounts.
Between Western sanctions and the drop in sales of hydrocarbons, the pressure is growing on the Russian budget. All summer, the situation deteriorated. While the budget surplus represented around 1% of Russian GDP before the start of the war in Ukraine, it plummeted at the end of July to around 0.5%, reports a source quoted by the Bloomberg agency.
In July and August, the state recorded monthly deficits. So much so that its cumulative surplus since the start of the year has fallen to 137 billion rubles (2.26 billion euros), the Ministry of Finance said in early September.
In question, of course, the revenues of the State, which continue to decline. Their fall reached 26% in July over one year and 11% in August.
«We expect that in the near future, probably in September, the surplus will turn into a deficit, as the government’s needs increase while its revenues are limited“, predicts Natalia Lavrova, economist of the Russian financial group BCS Financial Group…
This article is for subscribers only. You have 70% left to discover.
Cultivating your freedom is cultivating your curiosity.
Keep reading your article for €0.99 for the first month
Already subscribed? Login