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Russia – which receives about half its budget revenue from oil and gas taxes – will sink into a recession as oil continues its downward spiral.
Russia – which receives about half its budget revenue from oil and gas taxes – will sink into a recession as oil continues its downward spiral.
According to Bloomberg:
Russia, which receives about half of its budget revenue from oil and gas taxes, is closing in on its first slump since 2009 after dodging recession this year as it lurched from one crisis to another following the takeover of Crimea from Ukraine in March. Consumer spending, which accounts for half of the $2 trillion economy, is failing to make up for lost revenue with oil mired in a bear market amid concerns over a global glut.