Russia's energy revenues may not be able to foot its military bills for long — the country just posted a $29 billion deficit in the first quarter
Russia's falling energy revenues may not be able to foot its military bills for long — the country's just posted an almost $30 billion deficit in the first quarter.
The Kremlin has wildly reversed a 1.13-trillion-ruble, or $14 billion, surplus in the first quarter of 2022, to post a 2.4 trillion ruble quarterly budget deficit this year as the country's expenditures exceeded its revenues. Government income declined nearly 21% to 5.7 trillion rubles during the quarter compared to a year ago, per data released by
In particular, Russia posted a 45% plunge in energy revenues to 1.64 trillion rubles due to a fall in prices for Russia's flagship Urals oil grade and a decline in natural gas exports.
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