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Russia's Budget Crisis Deepens Amid Rising Oil Prices

3/20/2026

45 11 Full Breakdown

Summary

Story summary

Russia's finances deteriorate despite rising oil prices, as the Kremlin cuts budgets and tightens policy to address a widening deficit.
Prime Minister Mikhail Mishustin hinted at changes before the U.S. and Israel's campaign against Iran.
The government suspended its budget rule, which stabilized the ruble, raising inflation concerns.
In early 2026, federal revenues fell as spending rose and oil and gas revenues dropped to 17% of federal income.

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Story summary

Russia's finances deteriorate despite rising oil prices, as the Kremlin cuts budgets and tightens policy to address a widening deficit.
Prime Minister Mikhail Mishustin hinted at changes before the U.S. and Israel's campaign against Iran.
The government suspended its budget rule, which stabilized the ruble, raising inflation concerns.
In early 2026, federal revenues fell as spending rose and oil and gas revenues dropped to 17% of federal income.