Economics
Putin’s Budget Could Get an Extra $65 Billion If Oil Rally Holds
- Most of windfall will go to wealth fund for domestic projects
- Kremlin has been building up reserves amid sanctions pressure
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Russia’s budget could get more than $65 billion in extra revenue this year thanks to the rally in prices for oil, its main export, adding to the Kremlin’s financial strength as it faces threats of possible sanctions from the U.S. and Europe.