Putin says Russia bracing for ‘catastrophic’ oil price slump - FT.com:
"An embattled Vladimir Putin arrived at a G20 summit admitting that Moscow was preparing for a “catastrophic” slump in oil prices as he faced warnings of further western sanctions unless Russia pulls back from Ukraine.
Mr Putin said on Friday that Russia’s $400bn of reserves could help it ride out an oil slump, but his admission will strengthen the resolution of G20 leaders to confront him over Ukraine, creating a combustible atmosphere at the meeting in Brisbane.
Tony Abbott, the Australian prime minister, set the harsh diplomatic tone on the eve of the summit when he accused Mr Putin of being a bully and trying to “recreate the lost glories of Tsarism and the Soviet Union”."
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