BBC - Tens of thousands of people march in Moscow
to honour Russian opposition politician Boris Nemtsov, who was shot dead on Friday.I think his popularity might have had a chance to change. Nemtsov was very popular until Yeltsin made the government he was in a scapegoat for Russia’s 1998 financial crises. In fact the crises was of course after effect of 1997 Asia financial crises at the time when Russia didn’t have massive oil revenues.
Crude oil averaged $18.64 for 1997 and $11.91 for 1998. There was little that any cabinet could do. (Data is Illinois Crude as I had it at hand, but it is roughly the same for all crude).
Putin on the other hand has rode record oil price boom, but his propaganda is trying to sell it as his genius and governments at the time of low prices being “evil”. I think if oil prices stay where they are then Russian economy is in deep trouble.
Whatever excuses Putin comes up with I suspect they will weaken the arguments behind vilifying the cabinet that had to work with $11.91 oil price.
Got the oil prices from here - http://inflationdata.com/Inflation/Inflation_Rate/Historical_Oil_Prices_Table.asp
BBC - Tens of thousands of people march in Moscow
to honour Russian opposition politician Boris Nemtsov, who was shot dead on Friday.