Putin crisis as tumbling oil prices sees Russia facing huge social spending cuts

Putin crisis as tumbling oil prices sees Russia facing huge social spending cuts

Daily Express - World·2020-04-30 11:02

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But while the country’s struggling hospital systems try to cope with mounting cases, the defiant President will continue to prioritise military spending over healthcare and promised social reforms. Petroleum accounts for one-third of Russia’s GDP, half of its budget, and two-thirds of exports. The coronavirus pandemic has led to the collapse of the oil market, with prices on the benchmark Brent crude exchange plummeting to just $15.98, a level not seen since 1999.

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Russia News International

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