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The effect of oil prices and sanctions on Russia's economy

The drop in the price of oil around the world has brought many benefits to consumers - cheaper prices for travel, food and other goods.

However, it is having a negative effect in many countries which are dependent on oil revenues

From 2010 until the middle of last year, the cost of oil was about $100 a barrel, but since late June, it has roughly halved, trading at between $50-60.

In Russia, the cut in income, along with the impact of sanctions following the crisis in Ukraine, has left the country heading for recession.

Robert Peston reports from Moscow.

  • 24 Feb 2015
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