By David Francis and Sabine Muscat
The Russian economy is in free fall, drowning under the weight of Western sanctions and sinking oil prices. President Barack Obama has long urged for patience to allow the weight of economic sanctions to hit Russia. Now, with the help of historically low oil prices, Russia finds itself in its most severe economic crisis since the 1998, when Moscow defaulted on its debt. The Russian ruble is tanking against the dollar. There are new warnings that economic growth in Russia in 2015 will be even worse than expected. Now, with Obama promising a new round …read more
Source: Foreign Policy
