The price of Urals crude oil, Russia's key export and the lynchpin of its government finances, fell below $100 this week for the first time in more than a year, after plummeting $15 in under a month.
Russia relies on hydrocarbon exports for 50 percent of its budget. Already squeezed by Western sanctions over Ukraine and balanced on the edge of recession, a sudden collapse in oil revenue looks like bad news for the economy.
Rotterdam, 19/08/2014-INC News (via MT)
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