: Russian officials sound alarm bells as oil prices plummet
Business10:53 Jan. 17, 2016
3806views

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

Business19:08 Nov. 29, 2016
Three reasons to invest in Poland to reach the EU market
Business16:49 Nov. 25, 2016
EBRD willing to take stake in Ukraine's largest state bank
Business15:36 Nov. 24, 2016
Ukraine-IMF cooperation is at risk
Business12:01 Nov. 24, 2016
How Dutch business benefits from EU-Ukraine deal
Business21:21 Nov. 21, 2016
Naftogaz vs Gazprom: millions at stake
Ukraine Today WEEKLY DIGEST
Subscribe to receive regular email updates about Ukraine and Eastern Europe
vk154998