The fall in oil’s price is being felt keenly in Moscow, where the Putin government is struggling to cope with the knock-on effects.
Pedestrians walk under a board listing foreign currency rates against the Russian ruble outside an exchange office in central Moscow, on December 17, 2014. Photo: Getty Images
In June a barrel of Brent crude oil cost $115. On Wednesday it cost less than $59. The plunge is a result of higher global production — mainly due to shale drilling in the US — as well as weaker demand from large economies such as China and Germany.
For most …read more
Source: New Statesman
