Russia may have though it was out of the woods this past spring when oil prices started to rise, but the onset of another bear market for oil presents serious economic and financial threats for the country. Russia is facing a mounting fiscal crisis as the combination of low oil prices and western sanctions continue to take their toll. For a country that gets about 50 percent of its budget revenues from oil and gas, the sudden collapse of oil prices since June – Brent is now trading at $55 per barrel – threatens to drag the Russian economy down …read more
Source: Business Insider
