Butter melted down into guns: Russia is once again cutting social spending to pay for its war in Ukraine
Russia's 2027 draft budget, which the State Duma is set to approve , looks good on paper. After all, planned revenues and expenditures are expected to barely increase. This would be a miracle of fiscal restraint, except that in 2025 and 2026 the budget deficit exceeded its target by about 4 trillion rubles ($48.3 million). The same is likely to happen again this year, but either way, the budget…
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