Russia’s oil-versus-ruble dilemma is back. Just as the government’s plan to reduce its dependence on energy revenues through state-asset sales comes unstuck, the price of Brent crude in rubles has fallen below the level assumed in the budget. The heightened risk of the 2016 deficit crossing 3 percent of gross domestic product and delays to deals including the sale of Bashneft PJSC may push policy makers to consider steps to weaken the currency, according to Nomura International Plc.
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