The Federal Intelligence Service of Germany (BND) stated that Western sanctions have a "clear effect" on the Russian economy, exacerbated by falling oil and gas revenues due to declining global prices.
The intelligence service claimed that President Putin is sacrificing Russia's economic future for his imperial goals. The Kremlin characterized the decline in revenues and the increasing budget deficit as "ordinary difficulties," which can be remedied through macroeconomic stability.
BND estimated a federal budget deficit of 8.010 trillion rubles for 2025, significantly higher than the official figure of 5.650 trillion rubles. Additionally, the consolidated budget deficit has risen to 8.300 trillion rubles, representing 3.9% of GDP.
Even with rising global oil prices, they remain below the level necessary to balance Russia's budget.
Sources
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