The ruble plunged to new lows today, exceeding 80 to the U.S. dollar for the first time ever. The slump in oil prices – now at $28 per barrel compared with over $100 two years ago – has dragged Russia’s currency down with it. Russia’s government depends on oil earnings for about half of its tax revenue, and commodities constitute the vast majority of the nation’s exports. So the commodity crash has created the most painful recession since the 2008 financial crisis, with Russia’s economy shrinking by about 3.8 percent in 2015. Is Russia now on the brink of financial …read more
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