Russia Imposes Austerity as Budget Deficit Widens

“Russia imposed sharp spending restrictions after an April liquidity crisis exposed the mounting costs of its war in Ukraine,” Bloomberg reports.

“A tight austerity regime was introduced after Finance Minister Anton Siluanov warned Prime Minister Mikhail Mishustin that there wouldn’t be enough cash that month to make all the necessary payments on time, as the Treasury’s federal budget balances fell to a negative 5.5 trillion rubles ($65.3 billion).”