Analysts see a substantial and long-lasting opportunity cost from what Moscow calls its 'special military operation' in Ukraine.
He also argued for sustainable domestic development and a self-sufficient economy, recalling a criticism leveled against Soviet leaders so focused on military spending they ignored people’s welfare.
Rising expenditure and slumping revenues led to a $25-billion budget deficit in January, while the current account surplus more than halved from a year earlier., but with its hydrocarbon exports now subject to embargos and price caps, Russia is currently selling Chinese yuan from the NWF to cover the deficit.
Reaching this year’s oil and gas revenue target is looking increasingly problematic, Oleg Vyugin, a veteran economic official, wrote in a report this month, especially as prices for Russia’s Urals oil blend have fallen.
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