: :inin Kyiv (EET)

Rouble trouble: oil’s plunge has given Putin a serious headache


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.

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Source: New Statesman

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