Russia's budget deficit may be three times higher than expected. Experts interviewed on this issue note that, despite the planned deficit of 1.2 trillion rubles for 2025, the actual figure may reach 3.3 trillion rubles. The main reasons for this are the decline in oil prices, the strengthening of the ruble and tariff conflicts initiated by Trump. The European Union is considering a complete ban on concluding gas contracts with Russia. Brussels intends to ban its companies from purchasing Russian energy resources. In addition, the EU is exploring legal ways to allow European companies to terminate long-term contracts for the supply of Russian gas and LNG, while avoiding large fines. Trump's trade policy has helped strengthen the Swiss franc. In April, the Swiss currency strengthened by about 9% against the US dollar ($1.24 per Swiss franc), demonstrating the best monthly result since the 2008 financial crisis. Last week, the franc reached its highest level since January 2015. However, this situation poses risks to the Swiss National Bank's inflation target range, as a strong currency reduces the cost of imports. The price of bitcoin has reached a 7-week high today. The cryptocurrency gained support after US President Donald Trump dropped his threat to fire Fed Chairman Jerome Powell and hinted at possible tariff cuts against China. Bitcoin jumped 6.3% to reach $93,811, which is the highest level since early March. Oil prices are rising amid new US sanctions against Iran. Oil prices rose 1.5% on Wednesday, reacting to a new round of sanctions against Iran, a decrease in U.S. oil reserves and Trump's softer tone towards Powell. June Brent crude futures rose to $68.40 per barrel, while WTI contracts rose to $64.60 per barrel. Oil prices are also supported by hopes for a positive outcome of negotiations between the United States and China on import tariffs.
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