JohnKeverich

Russian ruble: stay short, stay safe

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My chart shows the price of Brent oil             measured in Russian ruble             . As you can see the devaluation of Russian currency proceeds in line with the falling price of crude. Oil             and gas income accounts for over 50% of federal budget revenue in Russia. Therefore weaker ruble             is necessary to offset the effect of lower oil             prices. That way pensions will get paid even when oil             trades at $30.
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