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Russia Faces Budget Woes Amid Falling Oil Prices and Trump’s Trade War
Russia Faces Budget Woes Amid Falling Oil Prices and Trump’s Trade War
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Vladimir Putin’s Russia is struggling with falling oil prices, which have dipped below $55 a barrel for the Urals blend. This is almost $20 less than what the Kremlin needs to meet its budget target. With around a third of Russia’s state revenue coming from oil and gas, the country’s deficit could almost double this year if prices remain low. Trump’s trade policies are pushing Russia closer to collapse, and the Kremlin’s budget is being crushed by oil prices. If they continue to fall, Putin might be forced to change his war strategy in Ukraine due to lack of funds.
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