IMF sees Russia's subsidies in fossil fuel at 24% of GDP in 2022

WASHINGTON, Aug 24 (PRIME) -- Russia's subsidies for fossil fuel amounted to U.S. $421 billion in 2022, or 23.6% of the gross domestic product (GDP), the world’s third largest after China and the U.S, the International Monetary Fund (IMF) said on Thursday.

The fund estimated the explicit subsidies at $71 billion and the implicit at $351 billion.

The IMF calculates the subsidies as fuel consumption multiplied by the difference between the real and economically feasible prices.

(94.4421 rubles – U.S. $1)

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