Tumbling oil prices has seen big falls in the value of Russia's rouble (photo: dpa)

Russia will alter economic course after oil price falls

Tumbling oil prices - which have dropped by almost half in recent months - will start hitting Russian government revenues which rely on energy for half their total. This will lead to a change in Russia's economic policies leading to higher inflation and increased taxes.

<i>Dramatic falls in the price of oil have persuaded a number of oil exporters that major rebounds are unlikely soon. Russian authorities have revised all their forecasts for the next three years, and are likely to implement broader policies to tackle what they had initially considered a mere budgetary problem. The prevailing strategy - until recently - was to let the rouble slide to balance its rouble-denominat...

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Professor Enrico Colombatto
President Putin’s priority, in our view, will be growth. His government will strive to offset recession by eventually relaxing monetary policy and forgetting about its previous inflationary goals
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