Russian economy hit by COVID-19 and oil market turmoil

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Title: Russian economy hit by COVID-19 and oil market turmoil
Author: Simola, Heli
Organization: Bank of Finland
Series: Bank of Finland Bulletin. Blog
Year of publication: 2020
Publication date: 15.5.2020
Pages: 6
Subject (yso): talous (taloudelliset ilmiöt); taloudellinen kehitys; öljy; hinnat
Keywords: COVID-19; BOFIT; koronavirus; Venäjä; talous
Other keywords: BOFIT; Covid-19; Russia; corona
Abstract: Russia imposed strict lockdown measures similar to many countries, resulting in sharp reductions in demand and production. The collapse of oil prices and Russia’s commitments to cutting back its oil production cause further economic damage. It is very difficult to evaluate Russia’s near-term economic prospects under the current exceptional uncertainty, but we can examine various factors influencing the Russian economy.

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