Since the 2000s, Russian President Vladimir Putin has ridden high oil prices to gigantic surpluses, the promise of greater public services, and ultimately political power. But Russia’s Central Bank says that, unless oil prices stay well above $100 a barrel, the country’s trade surplus will disappear in a matter of three years. The bank’s estimates are based on $104-a-barrel oil. The country’s break-even point to balance the state budget is about $117-a-barrel oil.
Russia faces the end of its petrodollar surplus
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