The price of Russian oil in rubles has fallen to a two-year low, dropping 40% below the level set in the country's budget. This has dealt a serious blow to the Russian economy, which largely depends on energy exports. Due to the price collapse, the Russian Ministry of Finance was forced to more than triple its budget deficit forecast for 2025 — to 1.7% of GDP.
The situation is complicated by global factors: declining demand for oil, sanctions, and competition in the global market are putting pressure on Russian exports. The fall in oil revenues forces the authorities to seek new sources of funding, which may lead to cuts in social programs or tax increases.
This economic challenge highlights the vulnerability of the Russian economy to fluctuations in the energy market. Analysts predict that without diversifying the economy and reducing dependence on oil, problems may worsen.
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