Economy

Economists say Moscow and Putin won’t drain war chest any time soon

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Men wearing military uniform walk along Red Square in front of St. Basil’s Cathedral in central Moscow on February 13, 2023.

Alexander Nemenov | Afp | Getty Images

The coming months will be critical in figuring out how Russia’s economy is holding up in the face of a new suite of sanctions, and for how long it can continue pouring money into its military assault on Ukraine.

Russia’s budget deficit hit a record 1.8 trillion Russian rubles ($24.4 million) in January, with spending growing by 58% from the previous year while revenues fell by more than a third. 

Industrial production and retail sales in December fell to their worst year-on-year contractions since the onset of the Covid-19…



Source cnbc.com

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