(Russia Direct) A sharp drop in oil prices in the winter of 2014 vividly revealed the structural economic problems in Russia, triggering an economic recession from which the country still has not fully recovered. The new reality of lower oil prices and sanctions has forced the Russian government to undertake certain steps aimed at adapting the economy to these new financial conditions. […]
According to Russian Deputy Prime Minister Olga Golodets, Russia has experienced a rise in the number of people living in poverty since 2014. Professor at St. Petersburg State University Stanislav Tkachenko agrees, underlining that, while the tendency of falling living standards has been somewhat stopped, Russians are poorer today than at any time in the previous 7-10 years. “It is unclear what measures the government can utilize to change this situation,” suggests Tkachenko. […]
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