Another black cloud over Russia's economy. They're losing key revenue. ‘Historical precedent’

In the first 4th of the year gross from crude oil and gas fell by almost 10% to 2,64 trillion rubles (PLN 1,19 billion). The gross is key origin for Russia's national budget and represent between a 3rd and half of the full receipts in the last decade.

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In a confidential study obtained by the Reuter Agency Russian central bank warns the Kremlin of the risks in the oil market. The paper notes that the United States and OPEC are able to flood the oil market, which could lead to a prolonged fall in prices akin to those of the 1980s.

The study stresses: "historical precedent — after a period of advanced oil prices from 1974 to 1985, 18 (!!!) years of low oil prices.” The authorities utilized 3 exclamation marks to item the seriousness of the situation.

For Russia, the second largest exporter in the world, oil and gas have been both strong and weak since russian times. advanced prices allowed Kremlin to defend the economy and finance political campaigns abroad.

But erstwhile prices fell, the economy collapsed, which had spectacular geopolitical consequences. A remarkable example is 1991, erstwhile the russian Union fell apart.

Despite authoritative data indicating the evidence growth of the Russian economy in 2024, Medusa's independent website analyses this data and explains why analysts question apparent results. Prime Minister Mikhail Miszustin presented to president Vladimir Putin data indicating GDP growth by 4.1%. However, nominal GDP does not take inflation into account and does not reflect the actual economical situation.