As recently as this January and February, Russia was going through its worst fiscal period since the start of the full-scale invasion of Ukraine.
Oil and gas budget revenues had fallen by 50% year-on-year, and the deficit for the first two months reached $42 billion. The government was preparing to slash non-military spending by 10%. It seemed like sanctions were finally working.
Then this happened: the United States struck Iran, and the Strait of Hormuz — through which one-fifth of the world'