S8 Ep160: PREVIEW — Michael Bernstam (Hoover Institution) — Russia's Deepening Revenue Crisis. Bernstam explains that Russia is systematically failing to close its widening budget deficit gap through gold sales or domestic bond offerings, rendering oil export reven
Update: 2025-12-03
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PREVIEW — Michael Bernstam (Hoover Institution) — Russia's Deepening Revenue Crisis. Bernstam explains that Russia is systematically failing to close its widening budget deficit gap through gold sales or domestic bond offerings, rendering oil export revenue absolutely critical to fiscal sustainability. Bernstam documents that American and Westernsanctions have artificially depressed Russian crude oil prices to approximately $40 per barrel, representing a severe discount relative to the global market price of $62–$63 per barrel. Bernstam emphasizes that this price differential severely constrains Moscow's aggregate fiscal revenue, preventing the budget equilibration necessary to sustain government expenditures, military operations, and regime stability, creating a structural fiscal crisis that will deepen as sanctions enforcement continues and global energy markets adjust to Russian supply constraints.
1910 CRIMINAL FILE ON STALIN, BAKU.
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