A Decline in the Price of Oil Deters the Despots

Russiaâ??s president Vladmir Putin is out trying to calm the waters, reassuring global investors that, despite U.S. and European sanctions, Russiaâ??s â??strategic course remains unchangedâ? and that his is â??a country that is strong, flourishing, free, and open to the world.â? But Putinâ??s optimism is based on just 1.2% GDP growth in 2015, likely overstated, which in turn is predicated on oil at $100 a barrel.

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