Russia is running an unprecedented budget deficit.

The latest figures published by FISU show the January–September deficit at $61.1 billion, already 37% above the full-year deficit originally planned by the Kremlin. Spending is up 14.5%, while revenues grew by only 10%.
Oil and gas revenues fell by 17.2%.

This is exactly the kind of pressure sanctions are meant to create. The goal is to reduce Russia’s ability to finance its war and bring the hostilities to an end.

It is crucial to keep the restrictions in place and strengthen them. Their impact is cumulative and is already bearing results.

We thank all the EU partners for adopting a new strong 22nd sanctions package. We call on the US to maintain and reinforce its pressure. We urge all other partners to introduce and synchronise restrictions on Moscow to force a sooner end to the war.

Appeasement cannot bring peace closer. Sustained pressure to constrain the capacity of Russia’s war machine can.