| If sanctions, inflation and political risk weren't enough, falling oil prices are pushing Russia's already beleaguered economy toward recession. The price of Brent crude oil, a global benchmark, hit a four-year low last week, plunging to below $83 per barrel from $116 in June.
While it was just under $85 on Wednesday, there is considerable risk it could dip well below $80, costing Russia, whose budget gets half its revenue from oil and gas exports, billions of dollars, analysts said. Geopolitics and oil prices have already reduced Russia's budget by an amount equal to 4% of its gross domestic product. A loss of "$10 per barrel costs (Russia) 500-600 billion rubles a year" — equivalent to $12.2 billion to $14.6 billion, said Natalia Orlova, chief economist at Alfa Bank, by telephone...............................................Full Article: Source
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