The recent sharp decline in oil prices, now at their lowest point in four years, poses a significant threat to Russia's economy, already strained by Western sanctions since the Ukraine conflict began in 2022. Elvira Nabiullina, chief of Russia's central bank, attributes the drop to the US tariff regime, warning that continued tariff wars could reduce global trade and demand for energy resources. Brent crude prices fell by 14% on Monday, potentially impacting other OPEC Plus countries as well. Kremlin spokesman Dmitry Peskov emphasized the tense global economic situation and assured that Russian authorities are taking steps to mitigate the impact. Amid fears of a recession, OPEC Plus countries have agreed to increase production despite sinking oil prices.

 

This video summary was created by AI from the original DW script. It was edited by a journalist before publication.