The beginning of last week in Russia began with a fiscal cold shower. The so-called Russian newspaper Izvestia reported that the Russian budget may not receive 1 trillion rubles in income tax revenues.

These are rather conservative estimates, as they take into account the expectation that the decline in income tax collection would decrease by the end of the year, which is not happening. Let me remind you that the decline in income tax collection is very bad news for the regions of the Russian Federation.

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Russia spends more than it can: budget failure in June

A day later, the Russian Ministry of Finance "pleased" them with the news that oil and gas budget revenues had fallen by 20.2% over eight months. Of course, these statistics do not yet include the effect of Trump's attack on India, which has already been given a condition: either to refuse Russian oil or to bear the increased US duties.

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russian economyeconomic crisis in Russiaeconomy of war