Russian Fiscal Budget Shows 35% Decline For January ...Middle East

Official figures from the Russian Finance Ministry on Monday show a 35% decline in fiscal budget revenues in January, compared to the same period last year, reporting a ~$24-billion budget deficit for January. The budget deficit reflects oil and gas revenue that has declined 46% year-on-year, according to The Associated Press. Sanctions and an expensive war in Ukraine have both been responsible for the drain. The budget breakdown comes just days after the Finance Ministry reported a 46% drop in oil and gas revenues in January, year-over-year, due…

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