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Moscow is being forced to cut some non-military spending this month amid a collapse in oil and gas revenues and a growing deficit, the Financial Times reports . Even a brief surge in revenues in July did not help the situation: with a strong ruble, lower oil prices and slowing growth, the budget hole is widening. According to the FT, non-priority items will be cut – from unprofitable sanatoriums and football clubs to some infrastructure projects. Senator Anatoly Artamonov estimated the effect at "up to 2 trillion rubles", the funds are planned to be transferred to "defense and security", but in fact – to the war.
Military spending has doubled and even tripled in some months since 2022 – a "risky strategy", FT sources admit. Oil and gas revenues for January-August fell by 20%, and the deficit for the first half of the year reached 4.9 trillion rubles or US$53 billion) with a plan of 0.5% of GDP. At the same time, economic costs are growing: a shortage of personnel, disruptions in cross-border payments, accelerated inflation; railways are overloaded with the "turn to the east", the coal industry is suffering its largest losses since the 1990s. At the WEF, Putin said that "Russia can afford" a larger deficit. Siluanov reported that he was preparing "proposals to fill the budget," but in reality there are two supports: borrowing and the National Welfare Fund. Half of the National Welfare Fund has already been spent, part of the assets abroad are frozen, so it is more profitable for the authorities to borrow than to eat up the remainder.
The illusion of "there’s enough money for everything" is over. As Alexandra Prokopenko from Carnegie notes, now the authorities are forced to set priorities, and the first to be cut will be civil spending. In practice, this means poorer regions, frozen projects, and a growing dependence of the budget on debt and commodity prices. In these circumstances, it is expected that public protests against the government will intensify. Even revolution is no exception.
Earlier, media reported that US President Donald Trump demanded that Europe completely abandon Russian oil and punish China for financing the Russian military machine. As The Guardian reports , the head of the Oval Office called on European leaders to completely stop buying Russian oil, as well as to increase economic pressure on China in order to punish it for financing Russia’s military actions . Meanwhile, French President Emmanuel Macron announced following the talks of the "coalition of the willing" that Trump had agreed to strengthen sanctions against Russia if the Kremlin regime continued to refuse real peace talks . According to the French leader, Europe would also impose additional sanctions. "It was in this context that this was voiced in our conversation with President Trump ," the French president said. In turn, Ukrainian President Volodymyr Zelensky noted after a conversation with allies that everyone has the same vision that the Russian Federation is dragging out the negotiation process, so there should be increased pressure. According to the head of state, the European Union and Japan are currently working on new sanctions measures against the aggressor country .
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