Emergency Measures to Be Implemented as Inflation, Ruble Depreciation, and Decreased Social Benefits Loom
NEW YORK (RichTVX.com) — The Russian economy is facing a severe crisis due to the collapse in prices for Russian oil and gas and a sharp decline in their sales. This has caught Putin and his technocrats off guard and the 2023 budget, which was built on the assumption that energy exports would remain at the same level and the price of a barrel of Urals would be $70.1, is now becoming unfeasible. The deficit of 2.9 trillion rubles is expected to at least double. The state of the Russian treasury is now more critical than at any time since the beginning of the war. To make budget ends meet, the Russian government may take emergency measures such as massive withdrawal of funds from the economy, issuing more money, abolishing restrictions on the fall of the ruble, and cutting non-military spending. These measures will likely lead to a surge in inflation, a depreciation of the ruble, and a decrease in social benefits, resulting in a situation for ordinary citizens comparable to the damage suffered during the three-year crisis of 2014-2016.
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