Russia has added at least Rbs3.4tn ($37bn) to its budget for this year, further aggravating inflationary risks in an overheated economy and highlighting the ballooning cost of Vladimir Putin’s war in Ukraine.
The finance ministry expects spending to reach Rbs32.5tn in 2024, an increase of almost 12 per cent from the originally planned Rbs29.06tn, according to the latest official data.
The additional spending without a concurrent rise in expected revenues indicates how Putin’s war machine is consuming yet more funds, extending an inflationary spiral that officials admit creates macroeconomic risks for the country.
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