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In 2015, the reserve fund shrank by a half. The other half will be spent in 2016, he said.
The risks of empty state coffers exist due to the low oil price (at $44 per barrel) and the 62 rubles per US dollar exchange rate.
According to Bloomberg, if the oil price remains at $50, Russia’s economy will be hit by the worst crisis for the last 20 years. Putin’s optimistic statements that Russia has turned the corner on the crisis are highly questionable, Bloomberg says.
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