Amid the plunge in oil prices, Saudi Arabia expects to post a budget deficit of 367 billion riyals (€89.1bn) and Russia’s economy teeters on the brink of a deeper recession, while Iran wants to swiftly boost its oil exports, it emerged yesterday.

Russia’s economy is barely growing, inflation is rising fast, and capital is pouring out of the country, the Economy Ministry said yesterday, a sign that international tensions around Ukraine are already inflicting severe economic costs.