Russia slides deeper into recession, prospects are ‘grim’

 

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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Read more about: Business/Finance, Economic history of Russia, Economy of Russia, oil and gas exports, Petroleum politics, politics, Stock market crashes