In Russia, the budget deficit in 2022 became one of the largest in history

In Russia, the budget deficit for 2022 has become one of the largest in history. It reached 3.3 trillion rubles ($47 billion).

Forbes writes about it.

This amount is approximately 2.3% of Russian GDP. The deficit was higher only during the pandemic year of 2020, when it reached trillions of rubles.

At the same time, Russian Finance Minister Anton Siluanov boasted that Russiaʼs revenues for the year exceeded expectations and reached 28 trillion rubles thanks to high energy prices. However, expenses also had to be increased, they exceeded 31 trillion rubles.

• On October 6, 2022, the European Union approved the eighth package of sanctions against Russia. It contains a ban on the import of Russian products worth €7 billion and a cap on oil prices.
• Oil supplies from Russia in December fell to the lowest level for all of 2022. This was facilitated by EU sanctions on the import of Russian oil, as well as the introduction of a price limit.