[HIGHLIGHTS] Russia's economy is weakening: Putin wants to take the oligarchs by their collars

Russia's economy is weakening: Putin wants to take the oligarchs by their collars. Russia is running a budget deficit of 3.24 trillion rubles (about $33 billion), equivalent to 1.9 percent of GDP.

Western sanctions have limited oil and gas revenues. Foreign companies are also reluctant to do business with Russia. To cover the budget gaps, Russia has already resorted to the state welfare fund last year, withdrawing about 3.5 trillion Rubles from it, according to the Wall Street Journal.