A recent plunge in oil prices, prompted by Donald Trump’s trade war, has started to deplete Vladimir Putin’s war chest.
Moscow’s budget — about a third of which comes from oil and gas — may be as much as 2.5 per cent lower than expected in 2025 if crude prices stay at current levels. That would force the Kremlin to increase borrowing, cut nonmilitary spending or draw down its remaining reserves.
The average price of Urals crude, Russia’s main export grade, has fallen to the lowest in almost two years, after the US president’s tariff announcements and an unexpected move by the Opec+ coalition to boost output.
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