Russia Continues To Deteriorate

     Russia has been suffering for the last year.  Their problems began after the West imposed sanctions in response to Putin’s invasion of Ukraine.  This cut Russian business off from much-needed financing.  The next economic shoe to drop came from low oil prices.  This was especially painful because oil accounts for 50% of Russia’s exports and government revenues.  These two events led to a sharp decline in the ruble; at its worst level over the last year it lost half its value versus the dollar.  In mid-December, to defend its currency, the

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