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Investing.com -- The Kremlin on Thursday described a sharp decline in energy sales revenues and a widening budget deficit as routine difficulties that can be addressed through overall macroeconomic stability.
Kremlin spokesman Dmitry Peskov commented on a meeting President Vladimir Putin held with senior government officials this week to discuss the budget. The meeting, which Prime Minister Mikhail Mishustin said occurred late Tuesday night and lasted several hours, demonstrated Putin’s close monitoring of economic developments, Peskov said.
Peskov acknowledged a decline in oil and gas revenues, noting this drop is partially offset by growth in non-oil and gas revenues. He told reporters that the stability of the Russian economy is absolutely ensured.
Finance Minister Anton Siluanov said after the budget meeting that Russia plans to redirect more of its oil revenues into its reserve fund and indicated changes to this year’s budget within two weeks.
Russian revenues from oil sales, the country’s main export commodity, have fallen as Moscow has been forced to sell at a greater discount on global markets due to Western sanctions and U.S. pressure on major buyers. A stronger rouble has also reduced revenues.
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