Oil and gas in the capitals ///

Russia’s economic situation has caught some analysts wrong-footed. But, the main characteristics of this situation—the sharp drop in GDP and industrial production for second-quarter 2015, and the ruble’s new depreciation—look much more like a transitional event than a structural downturn. The ruble/dollar exchange rate reflects, to some extent, oil prices. With the new downward turn taken by oil prices since July, the weakening of the exchange rate was not unexpected. However it has had some consequences for Russia’s economy.

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