Falling oil revenues strain Russia's budget

2012-07-27 6

Russian financial markets have hit an eight-month low as prices of oil, its largest export, continue to fall, lowering revenue from the lucrative sector.

The prices have fallen in Russia, one of the world's largest oil producers, on fears that Greece may leave the Euro currency union, causing turmoil in European markets.

The government's budget has taken a big hit by the drop in oil prices.

Rory Challands reports from Moscow.

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