Economy / FinanceEuropeRomeo Full Staff

Low oil prices pressure Russian economy


Analysts & Experts forecasts that the Russian economy will contract by 6.3% in 2020, due to the effect of the social distancing measures associated with the coronavirus and the fall in oil prices. In 2021, the credit insurer expects a 3.3% rebound. Both the decline in oil prices and the reduction in demand for oil will hit the Russian economy hard. Oil and gas sales account for 55% of Russian exports and about 40% of federal government revenues. Following the price war between Saudi Arabia and Russia, which led to a drop in prices to below $20 per barrel, OPEC…

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