Russia's budget surplus tanked in August amid sanctions and slowing natural-gas supplies to Europe
Russia's budget surplus likely fell sharply in August on the back of sweeping sanctions and slowing energy exports.
In the first eight months of 2022, Russia's budget surplus declined to 137 billion rubles, or $2.1 billion — down more than two-thirds from 481 billion rubles in the first seven months of the year,Russia's finance ministry doesn't provide monthly figures, but Bloomberg Economics' Alexander Isakov estimated the country posted a 300 billion-ruble deficit — meaning the country is spending more money than it makes — in August.
Still, Russian President Vladimir Putin said last Wednesday the country's state finances have"stabilized" and that it's expected to post a budget surplus of around 485 billion rubles in 2022,
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Russian budget surplus nearly evaporated in August amid energy war with EuropeRussia’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.
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