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Russia is Losing $140 Billion From Sanctions and Low Oil Prices
Nov. 24, 2014 03:10PM PST
Resource Investing
Russia is apparently losing up to $140 billion per year as economic sanctions tighten their stranglehold on the country and low oil prices continue to pummel one of the world’s largest producers of oil.
Russia is apparently losing up to $140 billion per year as economic sanctions tighten their stranglehold on the country and low oil prices continue to pummel one of the world’s largest producers of oil.
According to CNN Money:
The country is losing up to $140 billion per year because of falling oil prices and sanctions with Western nations, according to estimates from Russia’s finance minister Anton Siluanov.
Siluanov said in a speech on Monday that falling oil prices were causing the most damage — leading to $90 billion to $100 billion in annual losses. Russia, which is a major oil exporter, has suffered immensely as oil prices have fallen by roughly 30% since hitting a recent peak in June.