Russia’s ailing economy has failed to recover even as rising oil prices during the war in the Middle East have boosted the Kremlin’s depleted coffers, according to Sweden’s military intelligence chief.
Thomas Nilsson, head of Sweden’s Military Intelligence and Security Service, told the FT that Russia would need prices for Urals crude, its main blend of oil, to remain above $100 a barrel for a year to close its budget deficit, and for significantly longer than that to smooth over its other economic problems.
Vladimir Putin has admitted Russia’s economy is performing below his expectations and warned that the jump in oil revenue from the Middle East war, which could amount to up to an extra $150mn daily, would be shortlived.
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