Overview
- In a televised meeting, Vladimir Putin said GDP fell a combined 1.8% in January and February and ordered detailed plans from his top economic team.
- Russia reported a $58.6 billion budget shortfall for the first quarter as March oil tax revenue dropped by half from a year earlier.
- Central bank chief Elvira Nabiullina said unemployment is 2% and labor shortages are pushing up prices, with high interest rates now squeezing borrowers and banks.
- Russian officials and a state‑backed think tank have warned that a banking crisis could hit later this year if loan problems deepen and depositors pull cash.
- Sweden’s spy chief said Russia manipulates economic data, understating the deficit by about $30 billion and inflation, and estimated Urals crude would need to stay above $100 a barrel for a year to close the gap.