Russia’s budget surplus shrank sharply in August, according to new data from the central bank, due in large part to a drop-off in energy production and Western sanctions that have cut deep into its revenues.
According to preliminary figures released by Russia’s finance ministry on Monday, the country’s budget surplus narrowed to around $2.3 billion in August, less than half of the roughly $8 billion reported from January to July.
Oil and gas revenues, which made up roughly half of Moscow’s total budget revenues so far in 2022, were also down 18% compared to the same period last year, according to the data. The news comes as Russian state-owned gas giant Gazprom has suspended nearly all of its gas deliveries to Europe, which are currently down to just one-fifth of preinvasion levels.
Russia said last week that it would not resume natural gas flow to the European Union until sanctions are lifted, all but acknowledging that Russia is intentionally inflicting an energy crisis on Europe as a means of countering Western economic punishment for Russia's invasion of Ukraine.And though Gazprom has sought to offset its losses in part by starting production of liquefied natural gas for the first time earlier this month, the decline in piped gas has not been without consequence.
Russia has also been forced to reroute its crude oil shipments, selling to Asian buyers, including China and India, at a discount.An EU ban on seaborne imports of Russian crude is slated to take effect in early December.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
First Coast housing permit numbers rise in August - Jacksonville Business JournalWondering where the market is going? Here's what the numbers show.
Les mer »
Inflation Showed Signs of Easing in Several Industries in AugustU.S. consumer-price inflation showed signs of moderating in August for the second straight month, though the decrease was uneven across sectors and it remains unclear whether the slowdown will continue
Les mer »
Turkish automotive production shrinks 13.3% in AugustProduction in Turkey's automotive sector declined 13.3% year-on-year in August to 92,625 vehicles, with exports falling 21.9% to 64,515, the Automotive Manufacturers Association (OSD) said on Sunday.
Les mer »
Japan to Reopen to Tourists Despite Record Covid-19 Cases in AugustJust 245,900 foreign tourists visited Japan in 2021, the lowest number since records started in 1964.
Les mer »
EUR/USD to test August 10 high near 1.0370 on a clean breach of 1.02 – BBHEUR/USD has traded as high as 1.02 earlier. A break above here would open up a move towards 1.0370, economists at BBH report. European Central Bank st
Les mer »
U.S. stocks gain ground as investors await August inflation readingThe positive mood from the last several days - which helped Wall Street snap a three-week losing streak - was continuing into the new session.
Les mer »