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Crimea will suffer due to state budget deficit in Russia
15:18, 15 January 2016
Crimea will suffer due to state budget deficit in Russia

Experts say all budgetary appropriations will be cut except for social payments and defense expenditures

15:18, 15 January 2016

zerohedge.com

Crimea might be underfinanced in 2016 due to the state budget deficit in Russia. The reason, as known, is the decrease of world’s oil prices. Mikhail Krutikhin, partner of consulting company RusEnergy said this in an interview with Krym. Realii, commenting on Russian Premier Dmitry Medvedev’s statement about optimization of the state budget.

“All budgetary appropriations in the 2016 state budget will be cut except for social payments, defense and civil security expenditures. No expenses assigned for regional development; that is, regions, including Crimea and Sevastopol, will suffer because of budgetary issues”.

January 13, Head of Russian government Dmitry Medvedev held a speech at Gaidarovsky economic forum, urged the citizens to get ready for the worst economic scenario in 2016, adding that the further decrease of oil prices will lead to reconsideration of budget articles and cuts of expenditures.      

Under the decision of the Parliament, the temporary occupation of Crimea by Russia officially began on February 20, 2014. Neither Kyiv, nor governments of Western countries recognized the illegal annexation of the peninsula; the EU and the USA imposed multiple waves of economic sanctions on Russia. The Kremlin denies the fact of the occupation of the peninsula and calls it “restoration of historical justice”.

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