Does Oil Put Russia at Risk of a Soviet-Style Collapse?

The transcript discusses a report by Ambrose Evans Pritchard in the Telegraph, quoting Lubomir Mitov from the Institute of International Finance. It highlights the impact of falling oil prices on Russia's economy, noting that a $10 decrease in oil prices reduces Russia's export revenues by 2% of GDP. This decline could lead to a significant current account deficit, creating a 'perfect storm' for the Russian economy.

What impact does a decline in oil prices have on Russia's current account?

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What is the significance of the phrase 'large deficit' in the context of the text?

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