Falling oil price costs Russia $100bn

Oil price slide and sanctions ‘cost Russia $140bn’

The falling oil price is costing Russia up to $100bn a year, while Western sanctions have hit the country by $40bn, its finance minister has said.

Anton Siluanov made the comments on Monday at an international financial and economic forum in Moscow.

Reports on Monday suggested Russia could cut its oil production by about 300,000 barrels a day in an attempt to support the oil price.

Opec members meet in Vienna this week where falling prices will be discussed.

Vladimir Putin has said that Russia could suffer “catastrophic consequences” from sanctions, the falling oil price and the sliding rouble, while claiming they would have knock-on effects for other countries.

“The modern world is interdependent. It’s far from guaranteed that sanctions, the steep fall in oil prices and the loss of value of the national currency will lead to negative results or catastrophic consequences only for us,” the Russian president told TASS, the official news agency, on Sunday.

The European Union and the United States imposed sanctions on Russia following its annexation of the Crimea region in Ukraine and its alleged involvement in eastern Ukraine.

Read more » BBC
http://www.bbc.com/news/business-30174650

By using this service you agree not to post material that is obscene, harassing, defamatory, or otherwise objectionable. Although IAOJ does not monitor comments posted to this site (and has no obligation to), it reserves the right to delete, edit, or move any material that it deems to be in violation of this rule.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s