Kremlin Navigates Economic Challenges Amid Falling Energy Revenues

Russia faces a decline in oil and gas revenues, contributing to a growing budget deficit. The Kremlin describes these as routine difficulties, assured by overall macroeconomic stability. President Putin is actively addressing the situation with top officials, with plans to adjust the national budget and utilize reserves for economic balance.

The Kremlin has downplayed concerns over Russia's economic hurdles, labeling the sharp fall in energy revenues and a growing budget deficit as "routine difficulties." This assertion comes despite external pressures that have led Moscow to sell oil at reduced prices on the global stage.

Dmitry Peskov, the Kremlin spokesman, reported on President Vladimir Putin's meeting with top government officials, discussing the budgetary adjustments needed to stabilize the economy. Prime Minister Mikhail Mishustin noted that the late-night meeting underscored Putin's commitment to economic oversight.

Finance Minister Anton Siluanov indicated a strategic shift towards bolstering the reserve fund with oil revenues. This move is part of broader budget changes anticipated to unfold within a fortnight, targeting long-term economic resilience amidst external sanctions and a strong domestic currency.

(With inputs from agencies.)