The losers include Russia, where the value of the ruble has been crumbling, inflation has crept up to more than an 8 percent rate and oil prices have done more to hurt the economy than Western sanctions. In Iran, whose economy and government budget rely heavily on oil sales, low prices could intensify the effect of sanctions that have curbed the country’s oil exports in an effort to pressure the regime into reaching a diplomatic accord on its nuclear program. In Venezuela, dwindling oil revenue has exacerbated an economic crisis that is also tied to fuel subsidies, price controls and generous social programs.
Posted on: Tue, 02 Dec 2014 14:07:42 +0000
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