In December 1979 Soviet troops invaded Afghanistan. The oil price at the time was at its peak of $101 a barrel. Seven years later the Brent crude oil price fell to around $30 a barrel and Mikhail Gorbachev launched the policy of Perestroika (restructuring) and convergence with the West. Russia’s latest and most serious foreign adventure in Ukraine and its annexation of Crimea took place when the price of oil was still over $100 a barrel. Read more >>>
Economist
Economist
