Following the downward trajectory of the price of oil, the Russian ruble continues to plummet. And amidst this currency free-fall, it is the political ramifications of the country’s skyrocketing food prices, caused by heavy dependence on food imports that are most troubling. An increase in the price of food that outpaces inflation has the potential to threaten citizens’ access to food and, consequentially, fuel social unrest, alienating Putin’s political base among lower income Russians and threatening his political legitimacy.In a 2009 essay titled, “Oil-for-Food” When Oil Is Down (and the Ruble Is Weak), Leon Aron argued that from 2000-2008, domestic …read more
Source: American Enterprise Institute for Public Policy Research