politics
Russia Passes Legislation Allowing Greater Government Borrowing
Russia approved new borrowing rules as war-related spending pressures its budget. Ukrainian drone strikes also cut power to cities in occupied Crimea. Semafor reported the updates on June 29, 2026.
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Russia passed legislation allowing the government to borrow more money, Semafor reported. The measure departs from prior fiscal restraint maintained by the Kremlin. President Vladimir Putin has long stated that Russia maintains the lowest public debt among G20 nations.
The federal deficit reached 2.6 percent of GDP, scholar Alexandra Prokopenko wrote. Defense spending has reached unsustainable levels due to the Ukraine war, Prokopenko stated. Ukrainian drone strikes hit an electricity substation in occupied Crimea, leaving cities without power, Semafor reported.
The article was updated June 29, 2026.
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