Zelensky says Russia will unlikely fully cover budget deficit despite sanctions relief

Ukrainian President Volodymyr Zelensky has said that Russia is unlikely to fully cover its budget deficit despite the temporary easing of oil sanctions.

Speaking to journalists, Zelensky noted that Russia did not earn enough during the sanctions relief period to significantly offset its fiscal gap, Ukrinform reports.

"I don't think Russia managed to earn much [during the period of eased oil sanctions]. I don't yet have the final figure, but I don't think it is catastrophic. If they had a [budget] deficit of $100 billion, even if they covered 15-20%, they still won't be able to close the entire gap," he said.

He also added that Ukrainian strikes, including those targeting oil infrastructure such as the terminal in Ust-Luga and other facilities, are reducing supply volumes.

"We can see this," Zelensky said.

As reported, the U.S. Department of the Treasury issued a license allowing the sale of Russian crude oil and petroleum products already loaded onto vessels. The license grants temporary permission for countries to purchase Russian oil currently stranded at sea and will be valid from March 12 to April 11.

Earlier, Zelensky stated that Russia's budget deficit this year amounts to $100 billion.