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Story summary
- Russia's government raised defense spending, widening the budget deficit despite oil revenues.
- By end-July the deficit reached 2.8 % of annual output, nearly double the target.
- Reserve fund resources fell to 1.6 % of GDP, forcing borrowing from domestic banks.
- Interest rates on Russian bonds climbed to as high as 17 %.
- Uralvagonzavod tank plant workforce grew from about 20,000 to over 38,000 since the invasion.