: :inin Kyiv (EET)

As Recession Looms, Russia Acts to Support Ruble


MOSCOW—With its economy spiraling toward recession following Western sanctions and a dramatic fall in the price of oil, Russia took another step Tuesday to shore up the value of the ruble, which has been one of the world’s worst-performing currencies this year.

Russia’s energy-dependent economy has suffered a severe economic shock over the past few months, largely because oil prices have tanked — the benchmark New York rate has fallen by around a half since June to stand at not much more than $55 a barrel.
Because the Russian economy remains hugely reliant on energy revenues, that spells trouble. Credit rating agency …read more

Source: The Epoch Times

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