Media: Russia Is More Resistant to Falling Oil Prices Than in 2014-2015
"Reforms carried out in Russia over the past five years have made the country's position more resilient to lower oil prices and shocks due to coronavirus than in the period 2014-2015", analysts said. They note the response of the Russian authorities to the previous collapse in oil prices, which supported macroeconomic stability and created the opportunity to respond to subsequent crises.
In particular, a decrease in the country's foreign debt and foreign currency debt maintains the flexibility of the exchange rate and, therefore, Russia's ability to withstand external shocks (the ruble has fallen 7% against the dollar since March 7).
For the period from 2014 to 2015, the price of oil fell significantly amid oversupply in the market. So, in January - August 2014, the average price of Brent was $ 107.75 per barrel. The peak was recorded on June 19 ($ 115.19 per barrel). By the end of 2015, Brent fell to $ 36.8 per barrel.