The oil-dependent economies pushing through emergency economic measures

The oil-dependent economies pushing through emergency economic measures

The oil price war instigated by Saudi Arabia in March, in response to Russia's refusal to implement the production cuts the Saudis were seeking, looks more damaging by the day.. The move comes after the Central Bank of Russia said on Friday that it was contemplating another big cut in interest rates.. Mr Putin, who was announcing an easing of lockdown measures, said the Bank of Russia and the government would be working together to come up with measures to support lending to individuals and businesses once Russia had emerged from the lockdown.. The Saudis and the Russians are not the only economies to have pushed through extraordinary measures in recent days.. Nigeria - like Saudi Arabia and Russia, another major economy whose fortunes depend heavily on the oil price - is bracing itself for a flood of money to leave the country..