Russia's budget surplus tanked in August amid sanctions and slowing natural-gas supplies to Europe

Russia's budget surplus probably fell in August due to sanctions.

The budget surplus in the first seven months of the year was Affirmed by the country's finance ministry.

Russia's finance ministry doesn't give monthly figures, but Alexander Isakov thinks the country had a 300 billion-ruble deficit in August.

Russia's economy has been holding up despite sanctions, as the energy giant has been raking in profits from high energy prices.

According to data from the country's finance ministry, Russia's revenue growth has slowed. The country's energy exports are now priced at a discount due to sanctions and boycotts.

Europe is Russia's primary market for natural gas. Russia's natural-gas output is likely to be crimped because of this.

Russia's spending has remained strong. Moscow increased spending to support the economy.

According to an unnamed source, the finance ministry expects the country to have a 1.7 trillion ruble federal budget deficit in 2022.

Russian President Vladimir Putin said last Wednesday that the country's state finances have been stable and that it will have a budget surplus in the next four years.