RSS 15 november 2019

Government learns how to deal with economic crises

Five years ago an economic crisis broke out in Russia that was caused by the so-called oil shock, the collapse of the oil prices in the global markets. Immediately after that the Russia ruble tumbled. In an interview with Euronews journalists, chief advisor of the Analytical Center Leonid Grigoriev talks about what brought about the collapse of the oil prices, which crisis, the one in 1998, the one in 2008 or the one in 2014 was more challenging and how the country coped with them.

From January through August 2014, the average price of Brent oil was USD 107.75 per barrel, with a peak of 115.19 per barrel being recorded on June 19. However, in October of that year the oil prices began to plummet and by mid January of the following year a barrel of Brent was already trading at a little over USD 45. A year later, on January 21, 2016 a barrel of Brent hit a record low of just USD 27.5. Later the price of oil began to gradually increase but it still hasn't reached the pre-crisis level.

Source: Euronews

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