00:00A spill in oil prices could cause a big hole in Russia's economy.
00:05Currently, oil is at its lowest point in the last four years.
00:10After a week long and heavy with tariff announcements, the impact of these levies is starting to show.
00:17Elvira Nabiolina, chief of Russia's Centrobank, was quoted as saying that the drop in oil prices
00:23is triggered by the US tariff regime and poses a risk to Moscow.
00:28She said if such tariff wars continue, it usually leads to a decline in global trade,
00:34the global economy and possibly the demand for our energy resources.
00:39As of Monday, crude prices dropped 14%.
00:42This can have massive implications for the Russian economy.
00:46But the impact is not limited to just Moscow, it may trickle down to other OPEC-plus countries.
00:52Such a turbulence in oil markets sparked recession fears, including for the Kremlin,
00:57according to spokesman Dmitry Peskov.
01:01It has to do with the decision of the United States to impose tariffs on most countries of the world
01:06and of course now, if you look at the situation in the global economy,
01:10it is rather very tense and full of negative expectations.
01:13Our economic authorities are monitoring the situation closely
01:17and of course are doing and will do everything necessary
01:20to minimize the consequences for our economy from this international economic storm.
01:26The Russian economy was continuously hit by Western sanctions since the start of its war in Ukraine in 2022.
01:33The sudden and sharp decline in the oil prices is threatening its foundations.
01:38As a potential all-out trade war between the United States and China spooked markets,
01:42last week the OPEC-plus oil-producing countries agreed to up their production despite oil prices sinking.
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