JRL NEWSWATCH: “Falling oil prices threaten to derail Putin’s spending promises” – Financial Times/ Max Seddon, Henry Foy, Nastassia Astrasheuskaya

Oil Wells File Photo

Kremlin’s bid to boost economy relies on Russian budget surplus and national wealth fund

“… Putin’s spending promises are under threat from falling oil prices that could hurt the savings the Kremlin is tapping to rekindle growth. The coronavirus outbreak … pushed Brent crude, the international oil benchmark, down 10 per cent to a year-low … close to $50 a barrel. … near Russia’s break-even price of $42 a barrel, threatening to undermine the policy that has helped Moscow run a budget surplus and save $125bn in excess oil and gas revenue in a national wealth fund since 2017. …”

Click here for: “Falling oil prices threaten to derail Putin’s spending promises; Kremlin’s bid to boost economy relies on Russian budget surplus and national wealth fund” – Financial Times/ Max Seddon, Henry Foy, Nastassia Astrasheuskaya

[featured image is file photo]