The Kremlin’s financial situation is becoming increasingly dire and could come to a head in a matter of months as oil revenue shrinks while President Vladimir Putin shows no intention of ending his war on Ukraine.
Russian officials have been warning Putin with growing alarm that a financial crisis could hit by the summer, sources told the Washington Post. They pointed to weak oil revenue, which crashed by 50% in January from a year earlier, and a budget deficit that continues to widen, even after Putin hiked taxes on consumers.
