Deluge Comes As Russian Oil Trades Below Price Cap

Russia’s flagship crude oil, Urals, has sold at less than half of international prices and below the G7-imposed price cap amid Western sanctions, impacting its ability to wage its full-scale war against Ukraine, Bloomberg News reported.

Photo Insert: On top of all this, Russia has admitted a budget deficit of $47 billion for 2022.

If that were not enough, The New York Times reported that Russia admitted a budget deficit of $47 billion for 2022, with the finance minister saying on Jan. 10 that the budget gap reached 3.3 trillion rubles, or 2.3 percent of the Russian economy.

Russia’s invasion also caused the inflation rate in Ukraine to zoom to 26.6% in 2022, which is a tad lower than the forecast made by the State Statistics Service of Ukraine, Kyiv Independent reported.

Latvia has sent 10 buses from Riga loaded with humanitarian aid to the people of Kyiv on Jan. 10, Kyiv Mayor Vitali Klitschko reported. Klitschko said Latvians appalled by the Russian invasion donated the goods, with more aid apparently forthcoming, Ukraine Daily reported.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic