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Russia Lifts Crisis Cost Estimate
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The effect of Russia's economic problems in 2015, including the drop in oil prices to below $50 a barrel, would cost Russia about $200 billion, according to Russia's finance minister Anton Siluanov. In addition to lower oil prices, Russia faces higher inflation from the decline in the ruble to 67 to the dollar on Jan. 28, 2015, western sanctions, capital flight, credit downgrade and reduced access to financing for Russian companies. Siluanov says $35 billion will be spent in 2015 for anti-crisis measures to stabilize the banking system, financing for companies with lack of access to financing in capital markets, and cushioning the impact of the crisis. Russia's economy is forecast to decline by 4% in 2015, by the Bank of Russia, with double digit inflation from a weaker ruble.
Russian ruble volatility in Dec 2014 and Jan. 2015
12/16/2014
Capital controls are ruled out as this could lead to more capital flight. Russian central bank reduces intervention to preserve foreign currency reserves.
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The cost of the crisis to Russia exceeds $200 billion- a story of wasted opportunities to diversify away from oil and gas and integrate fully into the competitive global economy
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Linked Articles
Wall Street Journal 01/29/2015
Russia Lifts Crisis Cost Estimate
Wall Street Journal 01/29/2015
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