Russia

Russia has suddenly stopped publishing detailed data on budget spending amid the escalating costs related to the war. This absence of transparency is causing concerns because it makes it difficult for analysts to monitor the country’s public finances, especially its military expenditure. In the first five months of 2023, the federal budget deficit reached 3.41 tln rubles (USD 41 bln), which, while it saw a slight decrease in May, still surpasses the full-year plan by nearly 20%. Energy revenue decreased by over a third in the past month due to the impact of international sanctions and falling gas exports to Europe coupled with lower crude prices.