A catastrophe is threatening to unfold in Russia. The country is hit hard by the corona outbreak, while the crash of the oil price is creating a huge dent in the budget. Russians, however, are much more accustomed to catastrophe than those of us in the Western world.
At present, the coronavirus demands all our attention, but the roller coaster behaviour exhibited by oil prices is at least as alarming to investors. For the time being, consumers can rejoice at the lower price of petrol, but if this continues, the financial world will be in for another shock.