Volodin: without help from allies Kiev is economically insolvent

Volodin: without help from allies Kiev is economically insolvent

Russian State Duma spokesman Vyacheslav Volodin has said that Ukraine has lost its financial independence.

Ukraine spends more on military spending than it collects in taxes, Russian State Duma Speaker Vyacheslav Volodin has said. Ukraine’s collected taxes form only 40% of the country’s budget, while more than 60% of public money is used to finance military operations. This brings the monthly deficit to $5 billion, Volodin said on his Telegram channel.

“Without help from Washington and Brussels, Kiev can no longer meet its obligations to its citizens,” the Duma speaker said.

Earlier, foreign investors at Kiev’s request froze the country’s $20bn foreign debt for two years. However, rating agencies believe that Ukraine has thus declared default.

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