The Kremlin insisted Tuesday that Russia’s economy remains stable, even as the country’s federal budget faces a shortfall of 2.1 trillion rubles (about $28 billion) and the ongoing war against Ukraine continues to strain public finances. Kremlin spokesman Dmitry Peskov made the remarks during a daily press briefing, citing what he described as a structural shift in Russia’s economy away from dependence on energy revenues.JOIN US ON TELEGRAMFollow our coverage of the war on the @Kyivpost_official. “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. “Yes, the situation in the global energy market is extremely volatile and impacts all countries,” he said, adding that “at the same time, there is currently no reason to doubt our country’s macroeconomic stability.” Numbers tell a different story Russia’s budget figures paint a different picture. While Moscow initially benefited from a surge in oil prices following the outbreak of the Iran war – with its benchmark Urals crude peaking near $120 per barrel (roughly $2.86 per gallon and €0.72 per liter) – prices have since fallen to around $65 per liter (roughly $1.55 per gallon or €0.38 per liter), cutting deeply into energy revenues. Weaker corporate profits and a stronger ruble have compounded the shortfall, while wartime state expenditures have pushed the overall budget deficit past 6 trillion rubles ($80 billion) over the first five months of 2026.