I spent a number of years tracking the build-up of debt in Russia. Now, the party's over and the high cost of producing oil and gas in Russia is becoming a significant factor in its economic downturn.
The NYT here produces a rough overview of the issues. Great final quote:
“Everybody was thinking Russia had succeeded, and they were wondering, how do you keep water in a sieve?” Ms. Latynina said. “When the input of water is greater than the output, the sieve is full. Everybody was thinking it was a miracle. The sieve is full! But when there is a drop in the water supply, the sieve is again empty very quickly.”
21 hours ago