It's a bit different though. The fall for Russia is actually massive, since last year they were still having a big surplus, while now they are facing a pretty serious deficit. Moreover this deficit comes at a time of increased spending and decreasing oil revenue, which makes up a very big part of the Russian GDP and most of the government's budget.

A shrinking economy with higher expenses and growing deficit is a potent combination and will probably call for even more taxes as the government tries to find a substitute to falling oil revenues.