as the coronavirus pandemic put the energy markets into free-fall.
But observers say he might have overplayed his hand and the economic situation appears to have got much worse than expected.This week oil registered its steepest fall in 20 years, leading the ruble to plummet to its lowest since early 2016. Finance Minister Anton Siluanov warned this week the budget, which is based on an oil price of $42 a barrel, would be in deficit this year, after having been in surplus in 2018 and 2019 thanks to austerity measures.in an effort to limit the damage but the Bank of Russia on Friday left its key interest rate unchanged at 6%, aiming to keep inflation in check.
"With all checks and balances in place, we do not expect Russia's credit quality to deteriorate," she said. But it is everyday Russians that will find themselves worse off, with the president's promises of an improvement in living standards likely to evaporate.
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