: Russian officials sound alarm bells as oil prices plummet
Business10:53 Jan. 17, 2016
3686views

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.

comments powered by Disqus

RELATED VIDEO

Business14:10 Aug. 26, 2016
Ukraine's state-owned bank sues Russia
Business17:02 Aug. 23, 2016
Ukraine sees decline in gas & crude oil production since start of year
Business13:42 Aug. 22, 2016
Further IMF bailout for Ukraine delayed (again)
Business19:01 Aug. 19, 2016
WTO makes second decision against Russia over the week
Business15:24 Aug. 19, 2016
Ukraine may lose 15% of its gas transit due to new Turkish Stream project
Ukraine Today WEEKLY DIGEST
Subscribe to receive regular email updates about Ukraine and Eastern Europe
vk154998