• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 47 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day Does Toyota Know Something That We Don’t?
  • 4 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 8 hours America should go after China but it should be done in a wise way.
  • 4 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 4 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 4 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Breaking News:

Chicago Files Suit Against Big Oil

Russia Scrambles To Save Its Economy As Oil Prices Collapse

Russia, hit by falling oil prices and the coronavirus outbreak, has announced the formation of a $4 billion fund as part of a package of measures to support the economy.

Prime Minister Mikhail Mishustin said on March 16 that the new measures would include tax breaks for airlines and companies in the tourism sector, along with an expansion of a program to give preferential loans to businesses.

State companies, such as Gazprom and Rosneft, may also be allowed to delay dividend payments by six months.

The 2020 Russian federal budget includes the receipt of $7.4 billion in dividends from state companies, the paper said. State companies usually pay the dividends in the middle of the year.

Russia’s economy is heavily dependent on oil prices, which suffered their largest one-day drop in nearly 30 years on March 9. Russia's budget balances at an oil price above $40 per barrel versus current prices in the low $30s.

Related: Saudi Arabia Doubles Down On Production As Prices Crash

Russia can tap its sovereign wealth fund of more than $120 billion to help fill any budget deficits in the coming years, the nation’s Finance Ministry said last week.

Russia has 63 confirmed coronavirus cases with no deaths so far.

The government has already restricted passenger flights and other transport links with Europe, and Mishustin said on March 16 that the border with Belarus would be closed as well.

By RFE/RL

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News