Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars

Russia's oil and gas revenue crashed by nearly 50% at the start of 2023, leading to a wider budget deficit as Moscow's spending soars

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Russia logged a nearly 50% drop in oil and gas revenue in January, contributing to a wider budget deficit. • Moscow's spending surged by nearly 60% as the war against Ukraine ordered by Russian President Vladimir Putin neared the one-year mark. • Russia has been selling foreign currency reserves…

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