Falling oil revenues strain Russia's budget | News | Al Jazeera

Falling oil revenues strain Russia's budget

Kremlin faces revenue loss as prices of oil, its largest export, falls globally forcing it to revise its growth figures.

    Russian financial markets have hit an eight-month low as the prices of oil, the country's largest export, continued to plunge, lowering revenue from the lucrative sector.

    The Kremlin had to revise its growth figures for the year downwards – from 3.7 per cent to 3.4 per cent.

    And as the government's revenues dwindle, investors have started pulling their money out of Russia at an alarming rate.

    Al Jazeera's Rory Challands reports from Moscow.

    SOURCE: Al Jazeera English


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    America's Guns: Secret Pipeline to Syria

    America's Guns: Secret Pipeline to Syria

    How has the international arms trade exacerbated conflict in the Middle East? People and Power investigates.

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.