The steepest decline since 2009 comes as oil prices hover at $30 a barrel and the rouble trades close to a record low against the dollarRussias economy has recorded its steepest decline in extreme domestic product since 2009 as the slumping oil price and international sanctions take their toll.
The descend of 3.7% comes as the Brent crude price hovers around $30 (£21) a barrel and the rouble trades near a record low to the dollar. Oil and gas account for around half of Russian state revenues and the government has said it will believe to make cuts to the budget for 2016, which was adopted in October and based on an oil price of $50 per barrel.
Continue reading...
Source: theguardian.com