Five straight quarters of economic decline in oil-rich Russia are starting to have a spillover effect on the economies of its neighbors, a data review finds. A review by the U.S. Energy Information Administration of U.N. and World Bank data finds contraction in Russia is spreading beyond its vast border. About 8 percent of the people living in Russia are foreign-born and, with the Russian economy in decline, remittances are lower as well. “In some developing countries, remittances are a significant source of purchasing power,” the EIA’s report read. “Under such circumstances, slower growth or outright declines in remittances can negatively affect the economies of countries dependent on them and, in turn, potentially slow their oil consumption growth.” From Central Asia […]