Armageddon with oil in Russia is growing ᐉ News from Fakti.bg – World

Oil prices in Russia continue to rise, calling into question Russian President Vladimir Putin‘s claims that the Russian economy can balance “between war and oil”, Reuters reported, BTA said.

From December 2023 until now, the price of a packet of butter has increased by 25.7 percent, according to data from the National Statistics Service. At the same time, Reuters reporters found that a package of Brest-Litovsk oil has increased by 34 percent since the beginning of the year to 240 rubles ($2.50).

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“Armageddon with butter is on the rise. We will not be surprised if last year’s situation with eggs is repeated,” warn economists on the popular Telegram channel MMI. An increase in the price leads to frequent theft of butter from supermarkets, writes Russian media. Shop owners are now starting to put the packages in sealed plastic boxes to prevent theft.

The authorities are closely monitoring the situation, trying to ensure that the war in Ukraine will not have a negative impact on the daily life of Russia, according to Reuters. Dmitry Patrushev, the deputy prime minister in charge of agriculture, said a week ago that the government would monitor oil prices. He met with dairy farmers and traders and said that imports would go faster.

According to the Russian media, oil imports from Belarus are not enough and it is planned to increase supplies from Turkey, Iran and even India. For now, the Russian economy is still resisting the pressure of international sanctions, but prices are still rising. Inflation for this year is expected to be 8-8.5 percent, which has already prompted the Central Bank to raise its key interest rate last week to 21 percent – its highest level since 2003. The former chief economist at Goldman Sachs was Jim O’Neill, who coined the term BRIC in 2001 to refer to the group of Brazil, Russia, India and China, predicting that if Russia continues with its large military spending as planned in the coming years, the situation will only get worse.