Russia cuts key projects in aviation, tech, auto industries as oil revenues plummet

The Russian government reduces budgets for major projects in more sectors, in response to the drop in oil and gas revenues, announced the Pro-Kremlin Commercial Press Agency on 22 May.

Russia cuts key projects in aviation, tech, auto industries as oil revenues plummet

The Russian government is slashing budgets for major projects across a number of sectors in response to plummeting revenues from oil and gas, the pro-Kremlin news outlet Kommersant reported on May 22. Earlier this month, oil prices in Russia dropped to a two-year low. Prices fell below $50 per barrel — about 40% lower than what was planned in the Russian budget, Reuters reported on May 6.In response to the price collapse, the Kremlin has introdu…

The SuperJets break one by one.

The Russian government dramatically reduces budgets allocated to major projects in several sectors, in response to the total decline in revenues from oil and gas sales, reported on 22 May the Pro-Kremlin Commercial News.

Russia Cuts Aviation Industry Budget as Oil and Gas Revenues Fall

The Russian government is introducing significant reductions in its 2025 federal budget amid a sharp decline in oil and gas revenues, with the aviation sector among the first to be affected. A revised proposal under review by the Russian State Duma’s Industry Committee reduces state funding for aircraft and helicopter manufacturing by 22 per cent—lowering the allocation from RUB 101.2 billion (approx. EUR 1.02 billion) to RUB 78.8 billion (appro…

Ukraine War, Day 1,184: Russia Cuts Major Projects as Oil and Gas Revenues Fall - EA WorldView

Russia cuts projects in key sectors --- aviation, autos, technology, shipping, & robotics --- because of falling revenues from energy exports. The post Ukraine War, Day 1,184: Russia Cuts Major Projects as Oil and Gas Revenues Fall appeared first on EA WorldView.