The Effects Of International Oil Price Fluctuations On Russian Economy

After the disintegration of the former Soviet Union as the main successor,Russia has always been committed to the development of their economies and improve their position in the international arena.After the inauguration of President Putin for the first time,Russia re-established that economic development way is export-oriented path of resources.Russia got lots of revenue,gold and foreign exchange reserves through the export of raw materials,such as oil and gas.Since the crisis in Ukraine,the natural gas exports to Europe is affected,then western countries began economic sanctions against Russia,with the second quarter of 2014,international crude oil prices style cliff fall,Russia's economy has been badly affected,and domestic political economy is no longer stable.This paper investigates the history of fluctuations in international crude oil prices,analyzes the causes of oil price volatility.By studying the development of the Russian economy with the oil price fluctuations,it is very important to determine the status of oil and gas and other energy sources In the Russian economy,it can be described as the mainstay.Analyze the factors of the effects of international oil price fluctuations on Russian economy,we can know the principle of the impact on Russia's economic growth,fiscal revenue,employment,inflation and ruble exchange rate.In the case of international oil prices continued to slump,Russian GDP,revenue,and other residents are subject to greater negative impact.In 2015,Russia's GDP fell 3.7%,the fiscal deficit was 2.6%,the residents real incomes continued to decline 4%,and it will continue to deteriorate in 2016.In response to the continuing downturn in international oil prices,the measures Russia could take as followings: to improve relations with Europe and America,to strengthen energy economic cooperation with Asia,optimize the energy sector,strengthen supervision and punish acts of corruption,change the industrial structure and use stabilization fund.