Oil prices plummeting to the lowest level in seven years has caused Russia face a debt of around $90 billion to $100 billion, according to the Russian Finance Minister Anton Siluanov. The decline in oil prices is pressuring producers in oil-rich countries including Russia, Venezuela, Iraq, Iran, Saudi Arabia, Nigeria, the United States and Canada, and their governments are facing budget deficits. The production cost of a barrel of crude oil was around $40 to $50 in Russia, while it was $55 to $60 in the U.S., $70 to $80 in Canada, $60 to $70 in Venezuela, $25 to $30 in Nigeria and around $20 to $30 in Middle Eastern countries such as Iraq, Iran and Saudi Arabia.

Siluanov announced last Saturday that they are planning using an estimated price per barrel at around $50 for the 2016 budget, yet there may be times when the prices fall to at or below the $30 level. Russia anticipates revenue of $204 billion and an expenditure of $238 billion in their budget and is likely to use approximately around $31 billion from reserve funds. A $1 decrease in oil prices means a drop of $2 billion in Russia's revenues.