In 2008, the government suspended its previously established bimonthly adjustments of export duties based on the price of the Urals blend on worldwide oil markets, and from December 1, 2008 moved to setting duties for oil and oil products on a monthly basis to respond more quickly to changes in global oil prices.
The worldwide financial crisis has forced Russia, which obtains a large part of its revenues from oil exports, to slowly diminish the ruble amid capital flight and a drop in worldwide oil prices, which decreased from their highest of $147 per barrel in July 2008 to around $40 per barrel in early 2009, before climbing back in recent weeks to above $70.
