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Reuters
Reuters
Business

Russia to spend over $32.3 billion to support economy under sanctions

FILE PHOTO: Russian Finance Minister Anton Siluanov delivers a speech during a session of the lower house of parliament in Moscow, Russia March 11, 2020. REUTERS/Evgenia Novozhenina/File Photo

Russia plans to spend over 2.5 trillion roubles ($32.3 billion) on supporting its economy that has been targeted by unprecedented western sanctions, Finance Minister Anton Siluanov said on Tuesday.

Russia faces soaring inflation and capital flight while grappling with a possible debt default after the West imposed harsh sanctions to punish President Vladimir Putin for sending tens of thousands of troops into Ukraine on Feb. 24.

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