Ambrose Evans-Pritchard Thu, June 1, 2023 at 9:36 AM MST
“Sanctions against Russia have been the unsung success story of the advanced democracies. Vladimir Putin’s ability to wage military war against Ukraine, and geo-ideological war against the liberal world, is being ground down systematically with each passing month.
Earnings from Russia’s oil and gas exports fell by 52pc over the first four months of this year, and hydrocarbon rent is what funds two-fifths of the Kremlin’s budget.
Last year, Putin had no difficulty financing his invasion from the windfall gains of the energy price spike, caused in large part by his own actions. He could raise pensions by 10pc and scatter enough money to shield Russia’s people from the hardship of the war. This year he will have to choose between guns and butter.”
Full article, with details, at: https://news.yahoo.com/putin-no-longer-money-kit-163603093.html