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Most Russians Are Pessimistic About Political and Economic Future — Poll

Rogue Valley

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The Moscow Times | Most Russians Are Pessimistic About Political and Economic Future — Poll

ac88bdeb0d7d47e88dae3ea7930527dc.jpg


11/16/18
Most Russians are satisfied with their financial situation but do not expect their country’s economic and political circumstances to improve in the next year, according to a state-funded survey on “social well-being.” The VTsIOM pollster’s so-called “social well-being index” calculates the respondents’ outlooks on the political and economic prospects of the country. Its authors say the index fell significantly twice, in the aftermath of the 2008 global financial crisis and during mass anti-Kremlin protests in 2012. New results published on Friday show nearly all indicators dropping from last year, including a 20-point slide in social optimism and attitudes towards the political climate, as well as a slide of 15 points in economic outlook. The only indicator to increase is the share of those who are satisfied with their own life — by three points — while estimates of the country’s development have remained unchanged for two years. “These findings are alarming,” VTsIOM expert Oleg Chernozub said. “Our compatriots believe things are getting worse both politically and economically.” “From the public’s point of view, it was much worse only after the 2009 crisis and during the [2012] Bolotnaya protests,” he said. VTsIOM conducted the poll among 1,600 participants on Oct. 23.

Ordinary Russians have good reasons to be pessimistic. Many of their nations financial, technical, and military sectors are under widespread sanctions which will be increasing. OPEC is about to cut oil production which will depress the price of a Russian barrel of oil. Moscow needs an oil price of $100 brl. to support its economy and fund its military adventures. The costs of subsidizing Crimea and bankrolling its invasion in eastern Ukraine are increasing. Moscow is also on the hook for rebuilding the war-shattered Syria.

And before our Russian propagandist delivers disinformation, VTsIOM is Russia's oldest and most trusted polling agency. It is owned and managed by the Russian government (one of the very few things they do fairly well).
 

joko104

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Since we know that Americans just voted against economic success and confidence, this is probably good news for Putin. If things were going well economically in Russia is when he should worry. People don't like economic success and confidence as we just saw in the midterms.
 

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Since we know that Americans just voted against economic success and confidence, this is probably good news for Putin. If things were going well economically in Russia is when he should worry. People don't like economic success and confidence as we just saw in the midterms.

Please, keep your partisan US BS in the appropriate forums.
 

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The Moscow Times | Most Russians Are Pessimistic About Political and Economic Future — Poll

ac88bdeb0d7d47e88dae3ea7930527dc.jpg




Ordinary Russians have good reasons to be pessimistic. Many of their nations financial, technical, and military sectors are under widespread sanctions which will be increasing. OPEC is about to cut oil production which will depress the price of a Russian barrel of oil. Moscow needs an oil price of $100 brl. to support its economy and fund its military adventures. The costs of subsidizing Crimea and bankrolling its invasion in eastern Ukraine are increasing. Moscow is also on the hook for rebuilding the war-shattered Syria.

And before our Russian propagandist delivers disinformation, VTsIOM is Russia's oldest and most trusted polling agency. It is owned and managed by the Russian government (one of the very few things they do fairly well).

You are the propagandist delivering misinformation. If OPEC cuts production it will increase the price of OIL. Russians can view pragmatically the sanctions effects on their Nation and parrot that logic. If the USA didn't think sanctions would hurt Russians economically, they would not use them. You try to turn an objective perspective on future events into a pessiimistic viewpoint. The USA has also created the debt burden in Syria, but I think that the Russians are proud to have helped Syria and will be rewarded in the future by reciprocal trade and benefits from Syria and its' peoples. In Ukraine, the Russians have been the salvation of the regions that did not approve the Coup d'etat government and its' stooge elected with 13% of the eligible voters. Just as an aside. When are the Ukrainian leaders going to arrest Parubiy, the leader of the Kiev sniper shootings?
/
 

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The Moscow Times | Most Russians Are Pessimistic About Political and Economic Future — Poll

ac88bdeb0d7d47e88dae3ea7930527dc.jpg




Ordinary Russians have good reasons to be pessimistic. Many of their nations financial, technical, and military sectors are under widespread sanctions which will be increasing. OPEC is about to cut oil production which will depress the price of a Russian barrel of oil. Moscow needs an oil price of $100 brl. to support its economy and fund its military adventures. The costs of subsidizing Crimea and bankrolling its invasion in eastern Ukraine are increasing. Moscow is also on the hook for rebuilding the war-shattered Syria.

And before our Russian propagandist delivers disinformation, VTsIOM is Russia's oldest and most trusted polling agency. It is owned and managed by the Russian government (one of the very few things they do fairly well).


1. How does reducing supply of a commodity decrease its market price?


2. Syria - Russia is not going to re-build Syria.


Overall, as you know, it's the West which has imposed sanctions on Russia, and most Russians quite rightly blame the West for its policy of economic warfare on Russia.
 
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Chagos

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1. How does reducing supply of a commodity decrease its market price?
It's a mis-spell, better said a mis-word. OPEC says it will increase oil output.


2. Syria - Russia is not going to re-build Syria.
Of course it won't.:roll:
Overall, as you know, it's the West which has imposed sanctions on Russia, and most Russians quite rightly blame the West for its policy of economic warfare on Russia.
I'm sure that most Russians do that, it's a success of Kremlin propaganda neatly skirting around the reason for those sanctions.

Like Russia having invaded a territory not its own, the sovereignty of which it previously recognized.
 

Rogue Valley

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You are the propagandist delivering misinformation. If OPEC cuts production it will increase the price of OIL. Russians can view pragmatically the sanctions effects on their Nation and parrot that logic. If the USA didn't think sanctions would hurt Russians economically, they would not use them. You try to turn an objective perspective on future events into a pessiimistic viewpoint. The USA has also created the debt burden in Syria, but I think that the Russians are proud to have helped Syria and will be rewarded in the future by reciprocal trade and benefits from Syria and its' peoples. In Ukraine, the Russians have been the salvation of the regions that did not approve the Coup d'etat government and its' stooge elected with 13% of the eligible voters. Just as an aside. When are the Ukrainian leaders going to arrest Parubiy, the leader of the Kiev sniper shootings?
/

Russia will also be required by its affiliation with OPEC to cut oil exports. Any brl price increase will not replace the rubles lost from barrels not sold. It costs Moscow $52 to produce a barrel of oil, which is trading right now around $42.

You don't seem to understand commodity economics. Nor Moscow's semi-funded state budgets.

Xi's gain is Prince Mohammed's pain: Oil rout winners and losers

11/17/18
Donald Trump wants Saudi Arabia and other oil producers to stay out of the way as oil prices plunge. But the US president isn’t the only leader watching the crude market, as the longest losing streak on record hits economies and tilts political battles around the world. China’s Xi Jinping, India’s Narendra Modi and Turkey’s Recep Tayyip Erdogan are among those who’ll benefit most from lower prices. For Russia’s Vladimir Putin and Saudi Arabia’s Mohammed bin Salman, it’ll add to an already troubled outlook.

<snip>
Russia - Exporter 5.53 million barrels/day
Cheaper oil is bad news for Putin, whose goal of revving up growth to boost living standards is already at risk. But while Russia’s economy is reliant on the world’s highest exports of oil and gas, this drop isn’t nearly as worrisome as it was in 2014, when it tipped the ruble into meltdown and required emergency action by the central bank. Since then, the Kremlin has been battening down the financial hatches - building up its wealth fund and tightening the budget in preparation for this as well as the risk of crippling new sanctions from the US. As a result, Russia can now balance its budget with oil under $50 a barrel, half the level it needed in 2014 and one of the lowest break-even prices for a major producer.
<snip>

What this means is that Moscow has elected to tread economic water domestically, put some rubles away as a pad for additional sanctions, and maintain full funding for its military expansions.

After increasing the number of years now required to collect a Russian pension, Putin's domestic popularity has plummeted.
 

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It's a mis-spell, better said a mis-word. OPEC says it will increase oil output.


Of course it won't.:roll:
I'm sure that most Russians do that, it's a success of Kremlin propaganda neatly skirting around the reason for those sanctions.

Like Russia having invaded a territory not its own, the sovereignty of which it previously recognized.


Seems to me that OPEC are currently talking about cutting production:

https://uk.reuters.com/article/oil-...production-cut-sources-idUKL8N1XQ0R4?rpc=401&


MOSCOW, Nov 15 (Reuters) - Russia wants to stay out of any oil-production cuts being touted by some of its partners in an OPEC-led supply pact, two high-ranking Russian sources told Reuters.

Worried by a drop in oil prices due to slowing demand and record supply from Saudi Arabia, Russia and the United States, the Organization of the Petroleum Exporting Countries is talking about a policy U-turn just months after increasing production.
 

Rogue Valley

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2. Syria - Russia is not going to re-build Syria.

Don't expect the US to rebuild in Syria what the Kremlin has leveled with saturation bombing.

Trump can't even get Congress to fund a southern border wall.
 

Chagos

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Seems to me that OPEC are currently talking about cutting production:..................~
Yeah, talking about it.

From what I've heard Russia isn't all that keen to follow suit either. Which figures, considering that a higher price for lower output will probably have her below "square one".
 

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The Moscow Times | Most Russians Are Pessimistic About Political and Economic Future — Poll

ac88bdeb0d7d47e88dae3ea7930527dc.jpg




Ordinary Russians have good reasons to be pessimistic. Many of their nations financial, technical, and military sectors are under widespread sanctions which will be increasing. OPEC is about to cut oil production which will depress the price of a Russian barrel of oil. Moscow needs an oil price of $100 brl. to support its economy and fund its military adventures. The costs of subsidizing Crimea and bankrolling its invasion in eastern Ukraine are increasing. Moscow is also on the hook for rebuilding the war-shattered Syria.

And before our Russian propagandist delivers disinformation, VTsIOM is Russia's oldest and most trusted polling agency. It is owned and managed by the Russian government (one of the very few things they do fairly well).

Assuming you meant increase production not cut it, that would not be as disastrous for russia as it would be the west. Fairly recently saudi an american ally had to work some deals to increase prices because they were headed towards economic collapse. Russia's economy has proven diverse even after the last round of oil prices tanking, and the one that caved was saudi arabia not russia, doing the same will not cripple russia it will cripple saudi arabia and push it closer to bankruptcy. It is like the gameplanners are so stupid they think doing what has failed over and over will somehow this time not fail.


Fyi oil per barrel is well below 100 a barrel, and russia is doing fine, you must be among the group of doom mongers who predicted russia will fall any second now since putin took office, only to be proven wrong so many times in a row that no sane person should listen to such advice.
 

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Assuming you meant increase production not cut it, that would not be as disastrous for russia as it would be the west. Fairly recently saudi an american ally had to work some deals to increase prices because they were headed towards economic collapse. Russia's economy has proven diverse even after the last round of oil prices tanking, and the one that caved was saudi arabia not russia, doing the same will not cripple russia it will cripple saudi arabia and push it closer to bankruptcy. It is like the gameplanners are so stupid they think doing what has failed over and over will somehow this time not fail.


Fyi oil per barrel is well below 100 a barrel, and russia is doing fine, you must be among the group of doom mongers who predicted russia will fall any second now since putin took office, only to be proven wrong so many times in a row that no sane person should listen to such advice.


Oh look, I think there's no doubt that mainstream western analysis on Russia has been horribly wrong every day for the last 25 years. But yet they still peddle the same nonsense about how Russia is about to collapse politically, economically or both. You can see it in the crazy threads on this forum which fall into two categories:

1. That Russia is meddling and impaxcting everything under the sun through some extraordinary but ephemeral special powers.

2. That Russia is 'Nigeria with snow', its economy incredibly weak, its military is obsolete and most of its soldiers are either killing or raping each other.


Any sane analysis of Russia would dismiss both of these ridiculous themes.

Here's Moody's, much more sane analysis, of how Russia is resilient:

https://af.reuters.com/article/africaTech/idAFL3N1RW28G

April 18 (Reuters) - Rating agency Moody’s Investors Service said on Wednesday Russia’s strong public and external finances would shield its economy from the impact of the latest U.S. sanctions.

However, the sanctions will be credit negative for some Russian debt issuers, especially Russian aluminum giant United Company Rusal Plc, Moody's said bit.ly/2HgdbXS in a report.

The Russian banking system has enough earnings capacity for absorbing credit losses arising from exposures to sanctioned companies, the rating agency said.
 

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The Moscow Times | Most Russians Are Pessimistic About Political and Economic Future — Poll

ac88bdeb0d7d47e88dae3ea7930527dc.jpg




Ordinary Russians have good reasons to be pessimistic. Many of their nations financial, technical, and military sectors are under widespread sanctions which will be increasing. OPEC is about to cut oil production which will depress the price of a Russian barrel of oil. Moscow needs an oil price of $100 brl. to support its economy and fund its military adventures. The costs of subsidizing Crimea and bankrolling its invasion in eastern Ukraine are increasing. Moscow is also on the hook for rebuilding the war-shattered Syria.

And before our Russian propagandist delivers disinformation, VTsIOM is Russia's oldest and most trusted polling agency. It is owned and managed by the Russian government (one of the very few things they do fairly well).
Ruptly
Published on Sep 25, 2014

video is only 4 years old, and reality (a hybrid war with N1 country ) hit Muscovy so brutally
 

Rogue Valley

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Fyi oil per barrel is well below 100 a barrel, and russia is doing fine, you must be among the group of doom mongers who predicted russia will fall any second now since putin took office blah blah blah blah....

Check on the price of oil when Russia was socking away rubles into their Reserve Fund and Russian National Wealth Fund. Oil went over $100 brl in 2008. The price steadily climbed from 2010-2014. Benchmark crude was $106 in January 2014. The Kremlin was awash in money and so decided to invade Ukraine. By October crude had fallen to $80. At this time Russia's state budget was predicated on a barrel price of $100 and higher. The ruble began its exchange rate fall. By December crude had fallen to $62 brl. The ruble was in a meltdown. Only the brilliant financial moves of Central Bank of Russia president Elvira Nabiullina slowed the bleeding and expected crash of the ruble. By 2017 both rainy day funds were temporarily merged. However, the Reserve Fund, built up over years with profits from oil exports but amid low oil price prices was emptied by the end of 2017 and ceased to exist. The Russian government still has $65 billion in the National Wealth Fund to cover planned budget shortfalls, but according to financial analysts it might not last for more than three years. The National Wealth Fund with its $65 billion is the only fund left to cover budget deficits, estimated at $21.8 billion in 2018. Putin wants higher prices for crude, but not abnormally high. $70-80 brl Brent would be fine. The market is skittish right now due to the unknown effect of the US Iran sanctions, falling oil production in Venezuela, and declining Russian oil production in West Siberia which is the country’s main oil producing region. Russia is desperate to begin heavy oil operations in the Arctic, but the US/EU sanctions rule out Western drilling expertise and technology.

The economic upshot here is that the Russia of today is not the Russia of 2010-2014. Moscow cannot now do what was very affordable during the halcyon days of 2010-2014. The Kremlin has had to downsize its state budget and decide on priorities. Putin has decided to keep his expansionist military funded. This will come at the expense of domestic programs. A recent Russian poll says that Russians are very worried about the Russian economy and their lot in life. With the very much hated 2018 pension reforms, they can see the writing on the wall.
 

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One could form an impression that Russians are terribly worried about the economy and blaming their government whilst the rest of the world is booming and its citizens are singing songs of praise for their leaders from the streets.

Let's remember here that most Russians blame the West for its imposing of economic warfare, and are a peculiarly stoic people in any case.

If we can't buy French cheese in Moscow then we'll buy another cheese. Pension age increases are not popular, but that is so universally.

So what's the point RV is trying to make? That people worry about the economy - well yes, when didn't they?

Other breaking news - the sun is setting in the West today.
 

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The Moscow Times | Most Russians Are Pessimistic About Political and Economic Future — Poll

Ordinary Russians have good reasons to be pessimistic. Many of their nations financial, technical, and military sectors are under widespread sanctions which will be increasing.

What did they want? They voted MASSIVELY for Putin!

Of course, it helped as well that Putin saw to it that his best adversary (Navalny) was thrown in jail just prior to the election.

After all he's done to Russia, I suggest seriously that he get-the-hell-out! Putin's daughter (supposedly) has bought a Bordeaux winery. See Time article here. Why doesn't he just retire there?

Grudges die hard anywhere, and this guy Putin has pissed off a lot of Russians ...

PS: Interesting finding: About the same percentage of Russian and American populations live below the Poverty Threshold! (Which is around 13%.)
 
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Putin has decided to keep his expansionist military funded. This will come at the expense of domestic programs. A recent Russian poll says that Russians are very worried about the Russian economy and their lot in life. With the very much hated 2018 pension reforms, they can see the writing on the wall.

They did not riot under the Communists. They wont riot now either.

That passivity will cost them dearly ...
 

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They should be pessimistic.

The Russian people have a long sad history of suffering.

They again have a (de facto) czar.

The future looks very grim, indeed.

(Of course, like many other Americans, I feel that our future is also very grim. But that's another story!)
 

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(Of course, like many other Americans, I feel that our future is also very grim. But that's another story!)

That too will pass in other two years.

But with Russia, well, it simply has no experience whatsoever with "alternative democracy". They do not know what it is to live without somebody looking over their shoulder.

It's a vestige of communism and, after all, Putin worked for the secret-service all is life until Yeltsin made him a hero. (But Putin had to sign a document by which, upon attaining the position of PM, he would not make any legal charges against Yeltsin or his family. Who all became multimillionaires.)

They are all a bunch of crooks who filched the value of natural resources that (under the communists) belonged to the Russian people.

Russia deserves better, but the Russians do not know how to get it. Peacefully ...
 

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Capital flight is one reason Russians aren't seeing any of the bucks into Russia from recent rises in oil prices. That is, the inflow of new money -- modest as it's been -- went from financiers to financiers to pay foreign loan interest due and overdue and, concomitantly, to buy into foreign financial assets where possible. Capital flight from Russia shot up to $42 bn this year and is projected to end the year in a $66 bn poof.


“The net outflow of capital from Russia in January-October 2018 was up to $42.2bn, a three-fold increase from the $14bn that left Russia in the same period a year earlier, according to preliminary estimates from Central Bank of Russia (CBR). Approximately half of this amount is accounted for by operations of banks to repay external liabilities; the other half is due to business purchases of foreign financial assets. If capital flight does hit $66bn it would make this year the second worst year since the crisis years of 2008 and 2014.”

JRL NEWSWATCH: “Capital flight from Russia triples y/y to $42.2bn in January-October” – bne Intellinews – Johnson's Russia List


Money from oil income is still significantly insufficient for Russia and its gas station economy. The ruble is being watched closely as the disastrous events of 2014 remain very fresh in Russian minds and household budgets. Russia has been piling up gold and now has moved ahead of China in value of gold ownership and troy weight.

Russia is not going to collapse today or tomorrow or foreseeably. Its continued decline is inevitable and inexorable however as the unavoidable pension changes confirm to everyone. Russia is a second rate country based on oil and gas and where the gdp is less than that of Italy. Indeed, while the capital flight from Russia through October is in the billions, capital flight from China has averaged $1 Trillion a year the past several years which is driving 'em nuts in Beijing.

Assad said a couple of years ago China would rebuild Syria while Putin nodded in agreement. China has spent the past several years drilling oil from Baghdad to Basra and the SA border and shipping it home. Nobody bothers the Chinese in Iraq which is why many of us say China won the war in Iraq and that China will win the peace in Syria if an when peace breaks out there which is doubtful.
 

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They did not riot under the Communists. They wont riot now either.

Yanukovych and Putin thought Ukrainians wouldn't riot either. But Russia is a different nut altogether.

In 2016, Putin folded many of Russia's internal security services ( MVD, SOBR, OMON) into the National Guard of Russia (Rosgvardia). He appointed the Commander of the Presidential Protection Service - Viktor Zolotov - as Commander of the Rosgvardia and appointed Zolotov to Russia's Security Council. Under his powers as Supreme Commander-in-Chief and Chairman of the Security Council, this force (350,000) answers only to Putin. They have practiced extensively on confronting internal riots. They will not hesitate to kill Russian civilians.
 

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Check on the price of oil when Russia was socking away rubles into their Reserve Fund and Russian National Wealth Fund. Oil went over $100 brl in 2008. The price steadily climbed from 2010-2014. Benchmark crude was $106 in January 2014. The Kremlin was awash in money and so decided to invade Ukraine. By October crude had fallen to $80. At this time Russia's state budget was predicated on a barrel price of $100 and higher. The ruble began its exchange rate fall. By December crude had fallen to $62 brl. The ruble was in a meltdown. Only the brilliant financial moves of Central Bank of Russia president Elvira Nabiullina slowed the bleeding and expected crash of the ruble. By 2017 both rainy day funds were temporarily merged. However, the Reserve Fund, built up over years with profits from oil exports but amid low oil price prices was emptied by the end of 2017 and ceased to exist. The Russian government still has $65 billion in the National Wealth Fund to cover planned budget shortfalls, but according to financial analysts it might not last for more than three years. The National Wealth Fund with its $65 billion is the only fund left to cover budget deficits, estimated at $21.8 billion in 2018. Putin wants higher prices for crude, but not abnormally high. $70-80 brl Brent would be fine. The market is skittish right now due to the unknown effect of the US Iran sanctions, falling oil production in Venezuela, and declining Russian oil production in West Siberia which is the country’s main oil producing region. Russia is desperate to begin heavy oil operations in the Arctic, but the US/EU sanctions rule out Western drilling expertise and technology.

The economic upshot here is that the Russia of today is not the Russia of 2010-2014. Moscow cannot now do what was very affordable during the halcyon days of 2010-2014. The Kremlin has had to downsize its state budget and decide on priorities. Putin has decided to keep his expansionist military funded. This will come at the expense of domestic programs. A recent Russian poll says that Russians are very worried about the Russian economy and their lot in life. With the very much hated 2018 pension reforms, they can see the writing on the wall.

The reserves you are speaking of are not russias reserves in general, but rather their reserves set with oil money incase oil prices drop, they ended that reserve fund with under 100 million left, and plan to restart it again if oil prices go back up.

Russia however does not set it's baseline budget based off oil revenue, they set their budget off non oil revenue, and use oil revenue for discretionary spending, this is why they always look broke yet their deficit has been shrinking and military aquisitions rising yet their military budget on paper shrinking. Either way russia's actual reserves in gold foreign currency etc far exceed their budget, it is high enough they could run their country for quite a long time, last I checked it was well over 400 billion, far higher than their yearly budget and matching their debt.


Now with those reserves and their low debt, if oil prices dropped saudi arabia would be the first to collapse, because russia has a large non oil economy, iran and iraq have large non oil sectors of their economy, venezuala and saudi arabia are the only ones that would literally collapse if oil prices stayed too low, and one of those two america would work to bailout through any means to keep prices high whether or not opec agrees. This means basically the only way to cripple russia with oil prices would be to cripple americas main ally in the region by multiple factors putting russia at a win anyways as the oil price would skyrocket with saudis collapse and russia would have the chance to gain a foothold in the middle east.

Something tells me the people thinking dropping the prices to hurt russia have never thought about cause and effect.
 

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Oh look, I think there's no doubt that mainstream western analysis on Russia has been horribly wrong every day for the last 25 years. But yet they still peddle the same nonsense about how Russia is about to collapse politically, economically or both. You can see it in the crazy threads on this forum which fall into two categories:

1. That Russia is meddling and impaxcting everything under the sun through some extraordinary but ephemeral special powers.

2. That Russia is 'Nigeria with snow', its economy incredibly weak, its military is obsolete and most of its soldiers are either killing or raping each other.


Any sane analysis of Russia would dismiss both of these ridiculous themes.

Here's Moody's, much more sane analysis, of how Russia is resilient:

https://af.reuters.com/article/africaTech/idAFL3N1RW28G

April 18 (Reuters) - Rating agency Moody’s Investors Service said on Wednesday Russia’s strong public and external finances would shield its economy from the impact of the latest U.S. sanctions.

However, the sanctions will be credit negative for some Russian debt issuers, especially Russian aluminum giant United Company Rusal Plc, Moody's said bit.ly/2HgdbXS in a report.

The Russian banking system has enough earnings capacity for absorbing credit losses arising from exposures to sanctioned companies, the rating agency said.

Russia's people have always been survivalists, after what happened with the fall of the soviet union and yeltsin letting his buddies rape what was left of property and power, the russian govt has been putting forth efforts to make sure a collapse like that could not happen again. Russia has been shrinking it's debt and piling up larger reserves, and their reserves are in commodities and foreign currency rather than just their own currency, to ensure no single form failing would cripple them. Russia as well as the soviet union as a whole saw much harder times than they face today, yet they remained the number two super power through it all up to the day they collapsed, and despite how poorly their govt was run it took from the start of the cold war until 1992 for that govt to collapse.

Russia will hit economic downturns, but so does the rest of the world, heck I know plenty here talked about chaos and anarchy when america hit it's housing crisis in 2007 and people saying the same about europe in 2008, reality is most sane people knew it would not just simply collapse, there would be hard times and the worst hit govts would default on debt and restructure, rather than the epic fall of govt those doomsayers predicted.
 

Rogue Valley

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Russia however does not set it's baseline budget based off oil revenue

Yes, Russia primarily calculates/passes its state budget every November based on the current/forecast price of Brent crude.
 
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