It keeps getting worse for Russia.
The combination of Western sanctions and tumbling oil prices is pushing it deeper into recession. Russia’s economy shrunk 4.6% in the second quarter, the biggest drop since the global financial crisis in 2009.
The ruble has plunged 22% against the dollar in the past three months. Inflation soared nearly 16% in July.
Russia is heavily dependent on its oil riches — around half of its government revenue comes from oil and gas exports. Oil prices slumped from $107 a barrel last June to $44 right now, forcing Moscow to cut spending across the board.
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