Russia Faces Economic Tension Amid Oil Price Drop

Russia is experiencing significant economic tension due to the recent global oil price decline, exacerbated by U.S. tariffs on numerous countries. Brent crude oil prices have fallen to their lowest since April 2021, with Russia's Urals crude dropping below the $50 mark, threatening its budgetary stability. The U.S. tariffs, part of a broader economic move by President Trump, have led to global market volatility and potential trade wars, impacting Russia's economy heavily reliant on oil revenues. Kremlin spokesperson Dmitry Peskov emphasized that the situation is being closely monitored, and measures are being taken to mitigate the economic impact. The price drop also complicates Russia's military expenditures in Ukraine and poses challenges to its federal budget, which is highly dependent on energy revenues. Despite these challenges, President Putin continues to support a ceasefire in Ukraine, although no progress has been reported in negotiations.