By Ben Aris in Berlin Russia’s budget is in robust health, considering the economy isoverheating and the war in Ukraine is consuming vast amounts of money, but investors into the Russian Finance Ministry’s OFZ treasury bills, the workhorse of the Russian budget, are getting squeamish. Despite a radical rate hike to 16% at the end of last year, the Central Bank of Russia (CBR) has not tamed inflation, which continues to creep upwards. “Sovereign bond yields in Russia have surged to multi-year highs this year as markets have increasingly questioned the trade-off between the war effort on the one…
