Oil prices keep falling. Why that's bad news for Russia.

October 8, 2014 4:36 PM

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Oil prices keep falling. Why that's bad news for Russia.

Oil prices continue to plummet on steady supply and weak demand across the globe. With oil revenue accounting for around half of Russia's budget, the drop in oil prices is bad news for the Kremlin.

Falling oil prices are inflicting deeper economic pain on Russia’s economy, which is already reeling from EU and U.S. sanctions.

Also read: Economy: Jobless claims drop to lowest since 1973; housing starts jump 11%

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