Russia will begin restricting public access to certain government items in a bid to protect the country from additional sanctions, the Russian Finance Ministry announced on Tuesday.
The ministry said in a statement that it would partially reduce its budget spending information in a bid to avoid “negative effects” of Western sanctions on the Russian economy.
Boosted by high energy prices, Russia’s budget surplus was $ 1.49 trillion. rubles ($ 26 billion) for the first five months of the year, according to the finance ministry.
According to the draft budget, Russia is expected to win 25 trillion. rubles and spend 23.7 trillion. rubles this year, however officials have already warned that the country is going to spend any surplus rubles to shield its economy and citizens from Western sanctions imposed after the Russian invasion of Ukraine.
Vladimir Putin has already pledged billions in new social benefits, including pensions, and the Treasury Department plans to use the large $ 198 billion National Wealth Fund to support key state-owned enterprises affected by the sanctions.
The Department of Energy has restricted access to monthly data on oil and gas production, some large companies have not been allowed to disclose their financial statements, and the central bank has also restricted disclosures.
In addition, the Russian government has proposed to keep the size of Russia’s gold and foreign exchange reserves a secret, in another step to protect the country from sanctions.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
