LyrArc Article Gist
Russian president Putin may have exacerbated the very thing he feared- a deepening demographic crisis in Russia. This report in the Financial Times says excess mortality was already one of the highest from the coronavirus- about 1 million compared to official figures of 360,000. During the 1990's Russia had gone through a demographic decline with fewer births after the fall of the Soviet Union and unstable conditions in the economy.  During the pandemic there was outward migration from Russia as a result of people wanting access to vaccines other than the local vaccine, says FT.  In an interview last November Mr. Putin talked about the dangers to Russian statehood and to the economy from a drop in births and falling population. The war has worsened this situation as the FT says about 70,000 highly educated people left the country in March and another 70,000 are expected to leave in April. The response of Europe and the US to the Ukraine invasion with moves that affect the Russian economy could lead to drop in jobs and living standards that lead to a further drop in births, says FT. This may be a more serious way in which Mr. Putin may have neglected to consider Russia's own long term interests in invading its neighbor.   ...

LyrArc Article Gist
Efforts to control out of control oil production by the Saudis and Russia as oil prices fall to $22. President Trump says he is considering tariffs in this situation to raise the oil price. He is also talking to president Putin and Prince Salman in an effort to moderate the decline in oil prices. The U.S. seeks to protect its oil industry which needs a higher price to operate profitably. One way for the U.S. to do this is to use its own oil to help the U.S. oil industry and not to take in any foreign oil. Another way is for president Trump to get the Saudis and Russia to make cuts in oil production and reach an agreement on supply of oil into world markets. During the early weeks of the coronavirus health crisis the impact on the world economy and demand was underestimated by both Russia and the Saudis. Russia depends on oil exports for one third of its budget and the Saudis have to cut 30% of their budget for ministries because of low oil prices, imposing hardships in both countries. ...