The latest round of Western sanctions against Russia over its invasion of Ukraine are beginning to pinch the country's economy, economists have suggested.
Russian Finance Minister Anton Siluanov reportedly told journalists Tuesday that an oil price cap imposed by the 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.
"It's still too early to fully assess the impact of the G7 oil price cap and the EU's ban on Russian crude imports which came into effect on 5th December, but initial signs suggest that Russia's economy is starting to feel the pinch," said Nicholas Farr, emerging Europe economist at Capital Economics.
Russian President Vladimir Putin speaks during a news conference after a meeting of the State Council on youth policy in Moscow, Russia, December 22, 2022.The latest round of Western sanctions against Russia over its invasion of Ukraine are beginning to pinch the country's economy.
, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying Friday. However, Moscow should be able to finance the shortfall through domestic bond issuance and its rainy day fund, officials have suggested.
"High-frequency data show that Russian oil exports have fallen since the sanctions were introduced and the spread between Brent crude oil prices over Urals oil prices widened to a six-month high [last] week."
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia claims it shot down Ukrainian drone nearing airbase deep inside RussiaIf true, it was the second time the base has been targeted this month, raising questions about the effectiveness of Russia's air defenses if drones can fly that far into the country.
Read more »
Putin claims Moscow ready for Ukraine talks as attacks go onPresident Vladimir Putin claimed that Russia is ready for talks to end the war in Ukraine even as the country faced more attacks from Moscow — a clear sign that peace wasn't imminent. Putin said in a state television interview, excerpts of which were released on Sunday afternoon that Russia is “prepared to negotiate some acceptable outcomes with all the participants of this process.” Putin also repeated that Moscow has “no other choice” and said he believed the Kremlin was “acting in the right direction.”
Read more »
New York Reports 5 Pediatric Flu Deaths, Sees First Dip in New CasesNew York saw its first dip in new flu cases for the first time in weeks, a bit of good news amid the “tridemic” threat of influenza, RSV and COVID-19. Pediatric deaths, tragically, are up. State health officials are confirming at least five pediatric deaths linked to the flu so far this season in New York’s most recent weekly flu…
Read more »
‘Phoenix out of the ashes’: Comal County Crisis Center gets new building after April fireThe crisis center is renovating the old New Braunfels Senior Center for its new home.
Read more »
New ‘Scream VI’ Poster Shows Ghostface in New York for the HolidaysA new Christmas-themed poster for ScreamVI shows Ghostface in New York for the holidays.
Read more »
Hello, 2023! Celebrate with our list of 13 fun things to do this New Year's weekendRing out the old year and ring in the new with our curated selection of arts and entertainment offerings this New Year’s weekend.
Read more »