Posted on Dec 27, 2022
New sanctions starting to bite Russia's economy as Moscow admits deficit impact
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"Russian Finance Minister Anton Siluanov reportedly told journalists Tuesday that an oil price cap imposed by the G-7 (Group of Seven) major economies is squeezing Russian export income and will potentially push Moscow’s budget deficit higher than the expected 2% of GDP next year"
New sanctions starting to bite Russia's economy as Moscow admits deficit impact
Posted from cnbc.com
Russia
Economy
Oil
Finance
Posted >1 y ago
Responses: 3
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I hope this becomes a factor for Putin, Russia, to press for withdrawal and peace talks with Ukraine, but not holding my breath.
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LTC Eugene Chu
..."Russia has benefited significantly from the boost to its terms of trade from high commodity prices in 2022, but…this support to the economy now appears to be fading," Farr said in a note Friday.
"We think that Russia's economy will suffer another contraction in 2023. Meanwhile, falling energy revenues means that Russia's balance sheets will come under strain."
Having been a key pillar of strength for the Russian economy this year, Capital Economics expects the current account surplus to "shrink rapidly in the coming months."
"There's a high risk that a large external rebalancing is needed from 2024, which will keep growth extremely sluggish," Farr added."
..."Russia has benefited significantly from the boost to its terms of trade from high commodity prices in 2022, but…this support to the economy now appears to be fading," Farr said in a note Friday.
"We think that Russia's economy will suffer another contraction in 2023. Meanwhile, falling energy revenues means that Russia's balance sheets will come under strain."
Having been a key pillar of strength for the Russian economy this year, Capital Economics expects the current account surplus to "shrink rapidly in the coming months."
"There's a high risk that a large external rebalancing is needed from 2024, which will keep growth extremely sluggish," Farr added."
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People love money. Stockholders love Profit.
Russia is approaching the same aspects of 1917. And the oligarchs are losing money.
Putin is at a stalemate at best with the War in Ukraine . The Army is Corrupt from top to bottom. Untrained, undisciplined, full of conscripts just wanting to go home . Not a clear path to any meaningful Deciding victory. Whatever Order the Russian Army has isn't enough.
A Nuclear Superpower , Russia is hoping for a brokered peace deal. And simply can't hold its own against Ukrainian forces or Ukrainian people
Whether Putin thought it would be a quick victory or just an exercise to see what degree the Russian Army is capable, he is making the Federation just as tenuous a predicament as those the Czar faced.
Russia is approaching the same aspects of 1917. And the oligarchs are losing money.
Putin is at a stalemate at best with the War in Ukraine . The Army is Corrupt from top to bottom. Untrained, undisciplined, full of conscripts just wanting to go home . Not a clear path to any meaningful Deciding victory. Whatever Order the Russian Army has isn't enough.
A Nuclear Superpower , Russia is hoping for a brokered peace deal. And simply can't hold its own against Ukrainian forces or Ukrainian people
Whether Putin thought it would be a quick victory or just an exercise to see what degree the Russian Army is capable, he is making the Federation just as tenuous a predicament as those the Czar faced.
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