Opinion
How oil jackpot and sanctions failure are funding Russia's war
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'
