Russian President Vladimir Putin is set to meet U.S. President Donald Trump on August 15 in Alaska to discuss the ongoing conflict in Ukraine. The Russian economy has shown some resilience despite the impact of Western sanctions. However, there are indications of strain as the economy faces potential recession risks, with a reported 27% drop in oil and gas revenues in July. Increased government spending is contributing to widening fiscal deficits, with spending rising 20.8% compared to the previous year and revenue growth lagging at 2.8%.
Russia's main source of funds, oil and gas revenue, tumbled 27% in July to about $9.8 billion, coinciding with continued European sanctions and falling crude prices.
Despite experiencing sanctions, the Russian economy shows signs of resilience; however, recent warnings from officials speak to impending recession and increased fiscal strain.
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