Why are falling oil prices bad news for Vladimir Putin?

On Tuesday, the international benchmark Brent price of oil settled near a four-year low of $64.33 (Rs 5,546) per barrel. Meanwhile, the price of Russia's Urals oil, its key export blend, was down at just $50 (Rs 4,311) per barrel – the lowest level since March 2023. But why is the Kremlin worried?

Explainers