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  • According to the Institute of International Finance, Russia may run out of financial reserves

  • by mid-2017.

  • The country has spent the past two years battling economic shortfalls, so is Russia running

  • out of money?

  • Well, since mid-2014, Russia has seen an ongoing recession, with wages adjusted for inflation

  • dropping nearly 10%, and inflation itself as high as 15%.

  • The country’s currency, the ruble, has fallen dramatically in relation to the dollar, doubling

  • from about 34 Rubles per dollar to nearly 80 Rubles per dollar in just six months.

  • Many blame these economic troubles on collapsing oil prices, and international economic sanctions.

  • In 2014, Russia invaded Ukraine and annexed the territory of Crimea.

  • In response, the United States, European Union, and a number of countries imposed economic

  • sanctions on Russian trade, businesses, and individuals.

  • Some foreign assets were seized, debt financing was reduced, and a number of goods were prohibited

  • from trade.

  • Most importantly, many of these sanctions targeted the country’s state-owned oil exports.

  • In fact, oil is the leading cause for Russia’s current economic crisis.

  • Around the same time period as the annexation of Crimea, oil prices worldwide collapsed.

  • Saudi Arabia flooded the tightly-controlled market, outpacing demand, and cutting costs

  • significantly.

  • Although it is believed that this was done to halt US investment in alternative sources

  • of oil, it also affected nearly every country dependent on oil for revenue.

  • The cost per barrel dropped from roughly $99 dollars in June of 2014, to less than $42

  • dollars on average in 2016.

  • In response, Russia lowered its oil export dependence from 50% of the revenue in 2014

  • to just 37% in 2016.

  • Budget officials also based the 2016 budget on oil prices being $50 a barrel, but as the

  • year has progressed, the real price has averaged to be considerably lower than expected.

  • One of the biggest consequences of this recession is the country’s rapidly depleted reserve

  • fund.

  • This fund is used to shore up the yearly budget, which is based on what the government projects

  • it will receive in taxes and exports.

  • But for the past two years, those predictions have fallen short.

  • As of September 2016, this fund held roughly $32 billion dollars, which is less than a

  • quarter of what it was at its peak in 2008.

  • But all of this doesn’t mean that Russia will run out of money entirely since the country

  • boasts a GDP of roughly $1.3 trillion dollars.

  • But it would likely mean that the remaining shortage would come from Russia’s ‘welfare

  • fund’.

  • The roughly 70-billion-dollar fund is intended to serve as capital for future pensions, as

  • well as any major investments, such as infrastructure.

  • Russia could use the fund to solve budget issues in the short-term, but be left without

  • any prospects for improvement in the future.

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  • Many of these decisions have come down to Russia’s president: Vladimir Putin.

  • Although many believe he helped make Russia an economic world power years after the fall

  • of the Soviet Union, today those policies aren’t quite as effective at keeping the

  • country afloat.

  • So, is Putin leading Russia into a Great Depression?

  • Find out in this video.

  • Russia even destroyed tons of cheese, fruit, bacon and other foods instead of allowing

  • them to go to the country's many impoverished residents.

  • Thanks for watching Seeker Daily, don’t forget to like and subscribe for more videos

  • every day.

According to the Institute of International Finance, Russia may run out of financial reserves

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ロシアは2017年までにお金を使い果たす可能性がある (Russia Could Run Out Of Money By 2017)

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    BH に公開 2021 年 01 月 14 日
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