A draft Russia budget for 2015-2017 passed its first reading in the Duma, the country’s parliament, Friday despite the Finance Minister warning that is based on an “alternative economic reality.” According to Vedomosti, the independent Russian business daily newspaper, the draft budget is based forecasts an average oil price of $100 a barrel over the next three years, Western sanctions being lifted in 2015 and an acceleration of growth from next year. Right now, those assumptions look delusional. Since the middle of the year the oil price has been crashing, falling from a high of $115 a barrel in June …read more
Source: Business Insider