Covid-19 and cheap oil in Russia: an explosive mix?
Russia’s dependence on oil will surely deepen the economic downturn that is expected to follow the Covid-19 outbreak everywhere in the world. On the domestic front, the crisis has largely contributed to the drop in Vladimir Putin's approval ratings, which hit a historic low. Will the decline in global oil prices and the pandemic cause an ‘explosive mix’ for Russia and its political and economic stability? What are the medium- to long-term implications for Moscow's foreign policy and relationship with the West?