Russia Finds Echoes of 1980s Oil Collapse as Slump Persists

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  • Russia reacting to oil collapse by redeeming external debt
  • Drop in budget revenue forcing fiscal adjustments for 2016

Russia is facing an “unprecedented” squeeze from a selloff in oil, which is similar to the 1980s collapse in world crude prices that undermined the Soviet Union, according to Deputy Finance Minister Maxim Oreshkin.

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