Benchmark
How Cheap Oil Is Squeezing Russia's Economy
It's expanding the deficit and spurring inflation
How Storage Shortfalls Could Drive Oil to the Teens
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When Vladimir Putin first became Russia’s president back in 2000, oil traded at an average $28.40 a barrel. After spending much of the past five years above $100 a barrel, crude prices have come nearly full circle.
In just the past few weeks, oil prices have fallen about 16 percent. That's poised to squeeze an economy that's heavily dependent on the commodity for its revenues. The Finance Ministry in Moscow has already warned about a higher deficit if spending cuts and other austerity measures aren't implemented in the face of cheaper crude. Here's a look at how the oil-price plunge is rippling through Russia's economy.