Russian financial crisis
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The global recession of 1998, which started with the Asian financial crisis in July 1997, exacerbated Russia's financial crisis. Given the ensuing decline in world commodity prices, countries heavily dependent on the export of raw materials, such as oil, were among those most severely hit. (Petroleum, natural gas, metals, and timber account for more than 80% of Russian exports, leaving the country vulnerable to swings in world prices. Oil is also a major source of government tax revenue. [1]) The sharp decline in the price of oil had severe consequences for Russia.
