Russia's Economic Woes: Budget Deficit and Oil Prices Forecasted.
Russia's federal budget deficit for the first four months of 2023 exceeded the government's target for the whole of 2023, amounting to 3.42 trillion rubles ($45 billion), due to a reduction in oil and gas revenues. The deficit in April alone was 1 trillion rubles ($13 billion). The country's total budget deficit amounted to 3.3 trillion rubles ($47 billion) in 2022. Sanctions imposed by the West in response to Russia's invasion of Ukraine have taken a toll on the country's economy, but higher prices for its main exports have helped keep it afloat.
