Russia prepares to bail out its banks as economy collapses

Friday, January 9, 2015
By Paul Martin

by: Daniel Barker
NaturalNews.com
Friday, January 09, 2015

Russia’s economic crisis continues to worsen as 2015 begins, with its bank bailout having now been expanded to include Gazprombank, the nation’s third-largest lender. On Dec. 31, OAO Gazprombank confirmed that it would receive more than $700 million in aid as the Kremlin scrambles to protect the country’s banking sector after the ruble’s free fall in 2014, which ended the year by having decreased in value more than 40%.

The plunge in oil prices, sanctions from the West and the collapse of the ruble have left the nation in a recession – which some are predicting will turn into a depression – as an uncertain New Year dawns for the Russian populace.

Oil-dependent economy puts Russian economy in peril

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