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The falling Ruble
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Russia confronts the prospect of a severe economic slowdown. The stock markets are down 70 percent from their May highs, oil has fallen to $50 a barrel, and the government is struggling to defend the ruble and is spending its huge foreign-currency reserves faster than expected. As the crisis spreads to the rest of the economy, many expect public discontent to climb with unemployment and inflation.
Russia confronts the prospect of a severe economic slowdown. The stock markets are down 70 percent from their May highs, oil has fallen to $50 a barrel, and the government is struggling to defend the ruble and is spending its huge foreign-currency reserves faster than expected. As the crisis spreads to the rest of the economy, many expect public discontent to climb with unemployment and inflation.
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