Tuesday, March 22, 2016

Over 3M Russians Fall Below Poverty Line in 2015; Falling Oil Prices, Western Sanctions Erode Russia

More than three million Russians fell below the poverty line in 2015 -- the highest level in nine years -- according to official statistics released yesterday, the IBT (International Business Times) website reports today (March 22, 2016).

The sharp spike was driven by Russia's tanking economy, which has suffered from falling oil prices and Western sanctions, resulting from Russia's aggression in Ukraine.

There were 19.2 million people in poverty last year, up from 16.1 million in 2014, according to data released by State Statistics Service.

Poverty numbers in Russia have now risen for the second straight year after a long, steady fall since the late 1990s.

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