Russia and Saudi Arabia wait for the other side to blink first in the oil price war

“Russia has been less dependent on exports since 2014 as it has got used to sanctions and can afford to take this stance having built up in the country’s reserves,” says Emily Ferris, Russia and Eurasia research fellow at think-tank RUSI.“We have always known Russia is stubborn and it sees oil as a strategic sector,” she says. “This means it is not a pressing issue that will force it to back down from this position - it could last for months.”