Russia is beginning to turn East, towards China
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2015 will be a year of two pivots. Russia is performing the first, turning east towards China, away from Europe. Sanctions imposed by the west after Russia’s invasion of Ukraine, and the plunging oil price, have hit the Russian economy hard. In November, the rouble fell by 15 per cent in just one week to an all-time low. Foreign currency reserves are down by $100bn and interest rates are rising. The Russian government now expects the economy to contract in 2015 by 0.8 per cent—it …read more
Source: Prospect
