Country Risk

Russian Budget, Ruble Feel the Pain

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Russia's budget has been severely hit by lower oil and gas revenues as a result of G7 countries' restrictions on purchases of Russian oil and the shift away from Russian gas. Facing lower income and growing expenses, especially military costs, Moscow has already taken some steps to bolster state coffers. Until the effect of those tax tweaks plays out, no additional measures are expected. But adding to Moscow's fiscal squeeze, some analysis points to the voluntary production cuts by select Opec-plus countries as having a limited impact on oil prices.

Ukraine Crisis, Policy and Regulation, Sanctions, Oil Supply, Opec/Opec-Plus, Macroeconomics
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