UK Only Article:
Russia’s rouble crisis
A deep recession is now a certainty for Russia in 2015. Things could get much worse
IN THE world of central banking slow, steady and predictable decisions are the aim. So when bankers meet in the dead of night and raise interest rates by a massive 6.5 percentage points it suggests something is going very wrong. It is: the Russian currency crisis many feared is now a reality (see chart) and the mood in Moscow is close to panic. Russians are right to worry: they are heading for a lethal combination of deep recession and runaway inflation.
Many of Russia’s woes start abroad. The country is highly dependent on its oil-and-gas firms. Hydrocarbons contribute over half the federal budget and two-thirds of exports. The state owns big stakes in many energy firms, as well as indirect links via the …
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