PARIS - Squeezed by low oil prices and Western sanctions, Russia’s fiscal position is crumbling fast, forcing the government to take increasingly drastic measures to contain the budget deficit’s growth. Government spending has already been cut 8 per cent in real terms this year, relative to 2015 — large, but not nearly enough to balance the budget. Indeed, if the oil price remains in the current range of 30 to 35 US dollars per barrel (this year’s budget assumes an average of 50 US dollars), Russia’s deficit will be around 6 per cent of GDP. With a rainy day &l...
The article you requested can be accessed only by subscribing to the online version of The Baltic Times. If you are already subscribed to The Baltic Times, please authorize yourself.
In case you don't have a subscription yet - please visit our
SUBSCRIPTION section
