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17-12-2014, 01:00 PM
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 Russia's Central Bank has raised interest rates to 17%, but the rouble has continued to plummet, prompting fears of economic crisis. Russians are reminded of the dark days of 1998, when President Boris Yeltsin's government defaulted on its debt. But how severe are the problems and is there a way out? What has gone wrong? Russia relies on oil and gas for half its tax revenue and needs the price of a barrel to be at $100 to balance its books. Instead, the price is closer to $60. The value of the rouble has plummeted pretty much in tandem, leading to a sense of panic in the markets. Even before Russia's annexation of Crimea from Ukraine, Russia's economy was in trouble. But then came Western sanctions - and Russia's counter sanctions - which have made things worse. Read more at BBC News Apple halts sales in Russia amid Rouble Turmoil BBC News Live updates via The Telegraph Last edited by Scarlett.; 17-12-2014 at 01:05 PM. |
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Large economic crisis hits Russia - Rouble in freefall
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