Oil prices slipped another notch on Thursday, putting pressure on producers, not least Russia, where the US$-denominated RTS index was down by 1.4 per cent around noon, Moscow time.
It was hardly an auspicious backdrop for the St Petersburg Economic Forum, Russia’s premier business conference, which is hosted personally by president Vladimir Putin.
But what to do? Russia is even more dependent on oil than it was 12 years ago when Putin first took power. So it’s not surprising that with Brent crude down 0.7 per cent at $92 a barrel, investors are jittery.
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