Russian Economy: To Compensate for the Loss of Oil Revenues, Moscow Is Planning Major Budget Cuts

At the end of April, the Russian government began a revision of its budget law for 2025 due to the anticipation of a 24 per cent reduction in its oil sales budgets, which represented almost one third (30 per cent) of Russian federal revenues in January and February.1 This fall is due in particular to the fall in the price of the oil barrel anticipated for 2025. On Wednesday, 21 May, the Committee on Industry and Trade of the lower house of the R…