RUSSIA'S MAIN ECONOMIC PROBLEMS

Russia relies on oil and gas for half its tax revenue and needs the price of a barrel to be at $100 to balance its books. Instead, the price is closer to $60. The value of the rouble has plummeted pretty much in tandem, leading to a sense of panic in the markets.

 Russia's Main Economic Problems?

• The rouble has lost half its value this year, and it is feeding through to prices
• Inflation is now at around 9%, caused by the weaker rouble, higher food prices and Western sanctions
• Now, with oil at $60 a barrel, the Central Bank is warning of severe recession
• Capital flows out of Russia could reach $128bn this year, the Central Bank estimates
• Some leading banks, hit by sanctions, are unable to raise mid- to long-term financing outside Russia
• Banks and companies have significant foreign debt - at least $200bn
• Around $100bn of that debt will have to be repaid in 2015 and Russia's export receipts have declined by $140bn

Job losses are yet to feed through, but state-run gas giant Gazprom is said to be planning to axe between 15% and 25% of its 459,000-strong workforce.