Russia’s budget deficit explodes as latest sanctions bite
By Matt Phillips, author of Axios Markets
Russia’s budget deficit widened sharply in January, as the latest sanctions on Russia’s energy exports — and the mounting expense of its brutal war on Ukraine — may be starting to erode the Kremlin’s heavily fortified finances.
Why it matters: Since Russia’s invasion nearly a year ago, Western officials warned that it would take time for the full impact of sanctions to be felt in Moscow. That moment could be drawing closer.
Image by Сергей Корчанов from Pixabay
