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Russia needs oil at $102 to survive: Strategist

Investing in Russia ETF

Russia is in big trouble, a strategist told CNBC on Monday.

"The statistics that I've seen suggest that Russia needs $102 a barrel just to maintain their current budget," Jeff Saut, chief investment strategist at Raymond James, said on "Power Lunch." "So Russia is on the verge of a depression."

Saut is short on the country from a tactical position and said he "wouldn't touch Russia on an investment basis."

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Russian President Vladimir Putin at the Kremlin on March 5. 2015.
Sasha Mordovets | Getty Images

In light of rumors about Russian President Vladimir Putin's health and a big announcement coming out of the Kremlin, the Market Vectors Russia ETF is still trading down.

Saut attributes the falling stock to Russia at the brink of an economic depression and a threat that Putin could be the target of mounting internal political unrest.

If Putin was to be replaced, Saut thinks Russian stocks could probably lift on the back of the news.