New sanctions starting to bite Russia's economy as Moscow admits deficit impact- Russian Finance Minister Anton Siluanov reportedly told journalists Tuesday that an oil price cap imposed by the Group of Seven major economies is squeezing Russian export income and will potentially push Moscow's budget deficit higher than the expected 2% of GDP next year.The latest round of Western sanctions against Russia over its invasion of Ukraine are beginning to pinch the country's economy.Russian Finance Minister Anton Siluanov reportedly told journalists Tuesday that an oil price cap imposed by the G-7 (Group of Seven) major economies, as well as the European Union and Australia, is squeezing Russian export income and will potentially push Moscow's budget deficit higher than the expected 2% next year.Price caps on Russia's crude and refined oil exports could force the Kremlin to cut output by between 5% and 7% next year, the RIA news agency cited Deputy Prime Minister Alexander Novak as saying Friday."High-frequency data show that Russian oil exports have fallen since the sanctions were introduced and the spread between Brent crude oil prices over Urals oil prices widened to a six-month high [last] week.""