Kremlin spokesman Dmitry Peskov said Tuesday that Russia’s macroeconomic stability remains “absolutely secured,” even as volatility shakes global energy markets and the ongoing war against Ukraine strains the domestic economy.
“The stability of the Russian economy is secured, macroeconomic stability is absolutely secured, and this is not a matter of doubt for anyone,” Peskov told reporters during a daily press briefing.
“Yes, the situation in the global energy market is extremely volatile and impacts all countries, but at the same time, there is currently no reason to doubt our country’s macroeconomic stability,” he added.
Russia’s federal budget faces a revenue shortfall of 2.1 trillion rubles ($28 billion), driven by weaker corporate profits, falling crude prices and a stronger ruble.
While Moscow initially reaped windfalls from a surge in oil prices triggered by the war in Iran — when Russia’s benchmark Urals crude peaked at around $120 per barrel — the price has since tumbled to around $65 per barrel.
