Russian officials sound alarm bells as oil prices plummet - watch on -
Business10:53 Jan. 17, 2016

Russian officials sound alarm bells as oil prices plummet

From bad to worse

Russian Finance Minister Anton Siluanov said in a television interview released over the weeked that the fall in oil prices meant the Russian budget would be short of more than 39 billion dollars.

Russia's economy has been hammered by the collapse in global oil prices since mid-2014 as energy sales account for roughly half of federal budget revenues.

Its current budget for 2016 was calculated based on a Urals oil price of USD 50. Urals, Russia's main export blend, traded at around USD 27 on Friday.

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