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

    How different voting systems work around the world

    How different voting systems work around the world

    Nearly two billion voters in 52 countries around the world will head to the polls this year to elect their leaders.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    The great plunder: Nepal's stolen treasures

    The great plunder: Nepal's stolen treasures

    How the art world's hunger for ancient artefacts is destroying a centuries-old culture. A journey across the Himalayas.