Daily Memo: Russia’s Plummeting Revenues
Moscow's budget deficit is growing fast.
More signs of trouble. Russia’s federal budget revenue in the first quarter dropped by 21 percent (to 5.7 trillion rubles, or $69 billion) compared to a year ago. The decline was largely due to the flagging energy sector, where oil and gas revenues plummeted by 45 percent. Budget expenditures, however, increased by 34 percent to […]