Recession in Russia has deepened over the past few months. The Russian economy has in the second quarter contracted by 4.6%, year-on-year.
The main cause is of course falling oil prices. Last week oil prices approached the $42 a barrel threshold (the lowest since 2009). Of course low oil prices are pushing out of the market non-conventional oil producers – US shale, Canadian tar sands, and deep sea explorations. But Iran is coming in the market after a long economic embargo, China is devalu...
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