Russia’s cheapest crisis ever: country still accumulating cash despite Covid-19 & oil price shock

So far, the coronavirus

So far, the coronavirus is proving to be the cheapest crisis Russia has ever experienced, and despite the huge economic shock the economy has received, Russia Inc is already back in profit.

Despite an oil price shock, a two-month lockdown of the entire Russian economy, a 20 percent devaluation of the ruble and an economic bailout package worth 10 percent of GDP, Russia managed to increase its hard currency reserves by $3.8 billion between January 1 and May 31.

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