Posted on 09/13/2022 6:16:15 PM PDT by marcusmaximus
Russia’s budget surplus for 2022 has almost evaporated after a sharp drop in energy exports during August led to a monthly deficit of as much as Rbs360bn ($5.9bn).
Russia recorded a surplus of almost Rbs500bn in the first seven months of the year. But the cumulative total fell to only Rbs137bn last month, suggesting a big deficit in August which economists attributed to sharp declines in oil and gas revenues. Russia’s surplus over the first six months of the year reached Rbs1.37tn as it built a war chest on the back of soaring energy prices.
Russian gas flows to Europe have dwindled to about one-fifth of pre-invasion deliveries. In early September it said it would keep Nord Stream 1, which runs under the Baltic Sea to Germany, shut indefinitely unless the west lifted sanctions imposed over Moscow’s invasion of Ukraine.
The price of oil, which contributes even more than gas to Russia’s budget, has also declined sharply since June. International prices have slid from around $120 a barrel to below $100. Russia has also had to discount its oil further to encourage new buyers such as India to take barrels that once would have gone to Europe.
(Excerpt) Read more at ft.com ...
Chicom economy sucks too, they would be their main energy client.
“Russia’s budget surplus...”
We can only dream...
And how is America’s multiple Trillion dollar deficits doing?
We haven’t had a budget surplus for DECADES.
Putin is stronk genius for selling China and India oil and gas at a 30% discount.
Starting to think everyone may have misunderstood the true meaning of the word ‘special’ in this ‘Special Military Operation’. It’s special, alright...
When is the last time we had a surplus?
Watch out, the pro-Russia FReepers are going to come back at you with an equivalency fallacy.
Bidenbots here don’t want people to pay attention to the failed Bidenconomy.
America is the greatest country on earth and Russia isn’t worthy to lick our boots.
You have been here for quite awhile, over 3 years, and you think that Freerepublic is a democrat site with long-term members posting for the democrat party and their president, especially on a thread about the Russian invasion of Ukraine?
It looks like it’s the Russians who will be freezing their asses this winter. Moscow has a nasty wind chill factor.
MOSCOW, September 9. /TASS/. The foreign trade surplus of the Russian Federation in January-August 2022 increased more than 2.3-fold compared to the same period in 2021 ($90.5 bln) and reached $213.6 bln, according to preliminary estimates of the Bank of Russia.
In January-July, this figure was $192.4 bln.
At the same time, the surplus of the balance of payments account of the Russian Federation in January-August 2022 increased by over 3-fold to $183.1 bln.
The US and Russia aren’t remotely similarly situated. We can sustain budget deficits. The rest of the world desperately wants dollars - so we trade dollars for their stuff. Nobody wants Rubles - Russia’s economy is entirely dependent on their ability to export stuff, not internal consumer demand, (which obviously gives them a surplus). But that makes their economy super fragile. As we are seeing and are about to see. The Russians are screwed.
Their balance of payments improved because they can’t buy anything!
“The US and Russia aren’t remotely similarly situated. We can sustain budget deficits.”
...we shall see about that! Lots of stuff going on around the world says times a changin’.
Feel free to live in fantasy land...but only the super-rich and those with government connections (the Ukraine cheerleaders) will get off unscathed.
One big difference, as said in Doctor Zhivago, “Russians have a cursed capacity for suffering.”
In our country, people panic if the Internet goes out for five minutes.
This is a myth - and Putin himself disagrees with you - that's why he's opening Ferris Wheels for the Russian public while pretending his country isn't even in a war (sorry, "special military operation") and rebranding all the country's closed McDonald's. Colonial wars aren't ever popular and this is a textbook colonial war.
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