A slide in Russian revenue from oil and gas clashed against the Kremlin ramping up spending on its nearly year-long war against Ukraine, resulting in a wider budget deficit for the country in January. Revenue from oil and gas serves as a key source of funding for spending by Moscow, but the country has run into sanctions imposed by Western countries after Russia invaded Ukraine. sell more than $2 billion worth of foreign currency from February 7 to March 6 – nearly tripling the 54