Word: rublee
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As the world financial crisis buffets country after country, Russia hasn't been spared. It's in much better shape than it was during the last financial crisis, in 1998, when the ruble collapsed and the country defaulted. This time, Russia has $450 billion in foreign reserves left from the...
Today, Russia's finances look a lot less robust. The government budget was based on oil at $70 per bbl., far above the current price, and it will consequently swing into deficit next year for the first time since 2001. The stock market has dropped more than 70% in the...
DEC. 24, 2008 Russian President Dmitri Medvedev orders Ukraine to pay up "to the last ruble" or risk sanctions
These days Russia's wealthy can't always get what they want. The country's once soaring economy is in free fall - growth, which has averaged 7% over the past five years, could drop below 2% in 2009, according to economists - and it's taking the rich down with it...
But a few of the wealthy visitors at the fair have noticed a change this year. "Last year the show was more powerful," says Joseph Morchic, a Russian businessman based in New Jersey. "Everyone here thinks there will be a crisis, but they don't know what it is yet...