Russia losing $140 billion from sanctions and low oil prices
Source: CNN
Russian President Vladimir Putin received a high-ranking black belt in karate Friday, but his master fighting skills haven't been enough to fend off economic troubles.
The country is losing up to $140 billion per year because of falling oil prices and sanctions with Western nations, according to estimates from Russia's finance minister Anton Siluanov.
This is the clearest sign yet of just how much trouble Russia is in.
Siluanov said in a speech on Monday that falling oil prices were causing the most damage -- leading to $90 billion to $100 billion in annual losses. Russia, which is a major oil exporter, has suffered immensely as oil prices have fallen by roughly 30% since hitting a recent peak in June. Meanwhile, Western sanctions are expected to lead to another $40 billion in annual losses, said Siluanov.
Read more: http://money.cnn.com/2014/11/24/news/economy/russia-losing-140-billion-oil-sanctions/