Following the June 22 decision by the European Union to extend its sanctions on Russia for another six months, Russian Prime Minister Dmitry Medvedev soberly declared two days later that the country’s faltering economy would force the government in Moscow to make some difficult choices regarding meeting its spending commitments. Citing the negative impact of the West’s sanctions—passed in response to Russia’s aggressive actions in Ukraine—as well as low oil prices, which have been squeezing government revenues, Medvedev noted, “We all need to assess the existing risks realistically. The budget parameters largely depend on the current economic situation” (RIA Novosti, …read more
Source: The Jamestown Foundation