Russia's public finances not as strong as they seem

At first sight Russia’s public finances appear a picture of health when compared to those in the developed world. But a growing dependence on high and rising oil prices as a source of revenue is a major, and often overlooked, vulnerability. Indeed, out forecast for the Urals oil price to drop further over the coming months and to hover around $80pb over the next few years could force the Russian government into taking some rather uncomfortable decisions.