Global Oil Price Slump Threatens Russian Economy

The sharp decline in global oil prices due to tariffs by U.S. President Donald Trump poses a threat to Russia's economy, according to Elvira Nabiullina, the governor of Russia's central bank. She indicated that a technical budget rule would mitigate some of the economic fallout.

A significant drop in global oil prices instigated by U.S. President Donald Trump's tariffs threatens the stability of the Russian economy, as reported by Elvira Nabiullina, the governor of Russia's central bank, via the state TASS news agency on Tuesday.

Nabiullina emphasized that the central bank is currently evaluating the potential impact of the falling prices. However, she assured that the consequences for the national budget would be tempered by an existing technical budget rule.

Economists and analysts are closely monitoring the situation as the oil price volatility continues, considering its substantial implications for the Russian economy.

(With inputs from agencies.)