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It could be worse than the financial crisis
Russia faces a perfect storm. Oil is the country’s key growth driver and the price has collapsed. Geopolitical risks abound and there are huge risks to Russia’s external funding which is already under pressure from a stronger US dollar and potentially higher US interest rates.
The economic dislocations in Russia will be severe and will likely surpass those felt during the 2008 financial crisis. If there is no meaningful recovery in the oil price, or easing of…
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