If I use an estimated 6 trillion ruble deficit—instead of the “very optimistic” 3.8 trillion rubles currently under consideration—the gap is even more profound.
Ukraine War Brief Podcast
🚨 💥 2025 is the first time EVER that the liquid assets in Russia’s savings account, the National Wealth Fund, has fallen below the budget deficit.
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The difference in rubles is even more pronounced as the currency strengthens.
