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Russia cuts public spending amid crisis
The Russian government imposed strict spending restrictions due to the liquidity crisis it faced in April, with the federal treasury balance sinking to a negative 5.5 trillion rubles (approximately $65 billion). Despite increased oil export revenues resulting from the Russian war in Ukraine, rising military costs and the deficit situation forced the government to cut expenditure, while still maintaining the capacity to fund military operations for several years. Sources indicated that the current financial situation presents a challenge, but it does not severely hinder the state's budget ability to fulfill its commitments, although internal warnings suggest that military spending could become unsustainable if current trends continue.
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