Russia Budget Gap Spikes Despite Oil Windfall Driven by Iran War

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Russia’s budget gap sharply widened despite a windfall in energy revenue driven by the tensions around the Strait of Hormuz, as the Kremlin continues to ramp up spending on its war in Ukraine. The federal budget posted a deficit of 724 billion rubles ($8.8 billion) in July, following a surplus a month earlier, according to Bloomberg calculations based on Finance Ministry data. That brought the cumulative budget deficit for the first seven months of the year to 6.5 trillion rubles, or 2.8% of gross domestic product, the ministry said Tuesday.

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