Russia Is Running Out of Cash Due to Its War in Ukraine: Report
11 Articles
11 Articles
Russia has drastically cut government spending because the war in Ukraine is costing more and more money. In April, the extent of the financial problems became clear: the government threatened to temporarily lack sufficient funds to pay all bills on time, insiders told news agency Bloomberg.
The Russian government has imposed strict restrictions on budget spending as the budget deficit grows and resources to finance the war against Ukraine are scarce, according to a Bloomberg article based on sources familiar with the situation.
Due to war costs, Russia cut budget expenditures by 35% amid growing deficitRussia cut most of its budget expenditures by 35%, without affecting defense and social security payments. Deficit reached 8.654 trillion on August 24 rubles.
Russia has run out of free liquidity.
An unprecedented liquidity shock is forcing the Kremlin to impose drastic cuts. With the deficit spiraling to $77 billion, Moscow is freezing critical government spending to continue financing the war, Bloomberg reports. The post Bloomberg: Russia is running out of cash: Harsh austerity and 35% cuts to save the war machine appeared first on in.gr.
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