Russia faces a serious – and intensifying – financial crisis. But the country's biggest problem remains President Vladimir Putin, who continues to deny reality while pursuing policies that will only make the situation worse.
WASHINGTON, DC – As 2014 came to a close, an enormous financial crisis erupted in Russia. World oil prices had fallen by almost half since mid-June, and the ruble plummeted in December, finishing the year down by a similar margin. Russia’s international reserves have fallen by $135 billion, and inflation has reached double digits. Things are only going to get worse.
WASHINGTON, DC – As 2014 came to a close, an enormous financial crisis erupted in Russia. World oil prices had fallen by almost half since mid-June, and the ruble plummeted in December, finishing the year down by a similar margin. Russia’s international reserves have fallen by $135 billion, and inflation has reached double digits. Things are only going to get worse.